Naira Appreciates to N1,346.49/$ at Official Window Amid Sustained CBN Market Reforms

The Nigerian naira recorded a positive turnaround at the official Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating by N1.13 to close at N1,346.49 per dollar, compared to its previous trading benchmark.

According to market data monitored by financial analysts, trading commenced with moderate demand across key commercial banking desks, before closing on a firmer footing as liquidity improved slightly. The mild recovery reflects ongoing recalibrations within the nation's foreign exchange architecture following deliberate intervention measures by the monetary authorities.

Market watchers note that while the daily gain is modest, it represents a crucial psychological buffer against speculative round-tripping. The Central Bank of Nigeria (CBN) has sustained aggressive policy measures aimed at mopping up excess local currency liquidity, encouraging diaspora remittances, and ensuring transparent price discovery across both formal and retail channels.