The Naira appreciated against the dollar, gaining N3.42 to trade at N1526.15 in the official market. This change reflects a 0.22 percent increase compared to the previous day’s rate of N1,529.57 per dollar. The rise in the Naira’s value comes at a time when the International Monetary Fund (IMF) has commended the Central Bank of Nigeria (CBN) for its ongoing reforms in the foreign exchange market.
In its 2025 Article IV Consultation report on Nigeria, the IMF highlighted that the CBN’s reforms have significantly contributed to improved price discovery and liquidity within the forex market. The report noted that recent interventions by the CBN have helped stabilize the Naira, reducing volatility and enhancing the overall integrity of the market. These reforms are seen as crucial steps toward ensuring a more transparent and robust foreign exchange environment, ultimately benefiting the Nigerian economy.
As the CBN continues to implement these changes, the positive response from international financial institutions like the IMF indicates a growing confidence in Nigeria’s economic policies and their potential to foster stability in the
