₦1,354/$: Naira records 3.30% gain against dollar

After months of struggling against the US dollar, the naira gained a whopping 3.30% to close at N1,354 to the dollar at the Nigerian Autonomous Foreign Exchange Market Window (NAFEM).

Just last month, the CBN had sold $10,000 to each Bureau De Change operator at a rate of N1,021 per US dollar, a move aimed at stabilizing the naira.

For Emeka, a small business owner, the news was a welcome relief. “I was struggling to import goods from China due to the high exchange rate,” he said. “But with this new development, I can now import at a lower cost and sell at a competitive price.”

The naira’s gain was attributed to a combination of factors, including the CBN’s intervention and increased foreign investment in the country. As news of the naira’s strength spread, investors began to take notice, pouring more funds into the Nigerian economy.


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