The Nigerian naira has achieved its strongest position in the unofficial market this year, trading at approximately N1,520 to the dollar in Lagos as of early Tuesday. This significant improvement is attributed to enhanced market fundamentals and ongoing reforms by the Central Bank of Nigeria (CBN).

Analysts indicate that the CBN’s foreign exchange sales to Bureau de Change (BDC) operators, alongside a drop in demand for foreign currency, have played a crucial role in this development. The strengthening of the naira reflects a shift in currency market dynamics, showcasing the impact of regulatory measures and responses to current economic conditions.

As the CBN continues to implement reforms, the market is observing a more favorable environment for the naira, raising hopes for further stabilization in the currency’s value.