The Nigerian Naira continued its positive run on Monday, appreciating by ₦5.16 to trade at ₦1,452.79 to the dollar at the official foreign exchange market, according to the Central Bank of Nigeria (CBN). This marks a 0.35% gain from Friday’s rate of ₦1,457.95, extending the weeklong upward trend.
The Association of Bureau De Change Operators of Nigeria (ABCON) credited the sustained appreciation to key factors such as Nigeria’s exit from the Financial Action Task Force (FATF) grey list, increased oil revenues, bolstered foreign reserves, and rising diaspora remittances.
ABCON President Dr. Aminu Gwadabe highlighted that Nigeria’s removal from the FATF grey list has boosted investor confidence, attracting more foreign investments. The CBN’s foreign reserves have also risen to about $42.26 billion, providing a strong buffer for the naira and reducing market speculation.
“The stability we are witnessing has rendered speculative activities ineffective,” Gwadabe noted, praising the collaborative efforts of security agencies in tracing proceeds of crime to support legal reforms.
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