The Nigerian Naira extended its gains against the U.S. Dollar on Wednesday, appreciating by 0.21% to close at N1,596.70 per dollar at the official market, according to data from the Central Bank of Nigeria (CBN).
This marks a continued strengthening of the local currency, following a 0.02% gain on Tuesday.
Analysts attribute the Naira’s recent performance to improved foreign exchange liquidity and sustained interventions by the CBN.
The appreciation comes a day after the CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Diaspora Bank Verification Number (NRBVN).
The NRBVN initiative aims to strengthen financial connections between Nigeria and its diaspora community, with the goal of boosting foreign exchange inflows into the country.
CBN Governor Olayemi Cardoso reiterated the bank’s target of attracting $1 billion in monthly diaspora remittances, emphasizing the importance of adhering to the FX Code and regulatory directives to ensure market stability and build confidence among stakeholders.
The naira has also traded within a relatively narrow range, hovering between N1,600 and N1,625 per dollar in the black market.
These developments highlight the CBN’s multifaceted approach to addressing foreign exchange challenges and leveraging diaspora resources to support the Nigerian economy.
Moody’s has upgraded Dangote Cement Plc’s credit ratings, reflecting its robust market presence and Nigeria’s… Read More
The Nigerian Exchange (NGX) ended Tuesday, June 17, 2025, in negative territory, with the All… Read More
U.S. President Donald Trump has expressed a firm commitment to resolving the nuclear dispute with… Read More
U.S. industrial production contracted in May 2025, marking its second decline in three months, driven… Read More
Dangote Petroleum Refinery’s bold move to launch direct nationwide distribution of petrol and diesel is… Read More
Job Title : DevOps Engineer Location: Lagos State Job Description We are looking to engage… Read More