The naira has surged to N1539.7248 per US dollar on the Central Bank of Nigeria’s official foreign exchange platform.
This marks a significant appreciation, driven by enhanced foreign exchange supply and growing investor confidence.
The naira has maintained an upward trajectory against the US dollar for nine consecutive days.
The Central Bank of Nigeria injected over $500 million into the forex market in May, bolstering liquidity.
Offshore investors participating in open market operations have further contributed to the dollar inflow.
Last week, the Nigerian forex market recorded an inflow of $780 million, down from $1.04 billion the previous week.
Reduced corporate demand for dollars, coupled with active CBN interventions, has stabilized the exchange rate.
In the parallel market, the naira was quoted at N1,580 per dollar, reflecting a N51 gap with the official rate.
The CBN has halted dollar sales to Bureau de Change operators at the official rate to curb disparities.
Forex market analysts warn that this move could widen the spread between official and parallel market rates.
The sustained naira appreciation signals a robust FX supply and effective monetary policy measures.
Investor confidence continues to grow, supported by the CBN’s proactive forex market interventions.
