The Nigerian naira has appreciated to ₦1,366.41 against the United States dollar at the official foreign exchange market, according to the latest exchange rate data.
The development reflects the most recent movement in the Nigerian Foreign Exchange Market (NFEM), where the official exchange rate is determined through a volume-weighted average of transactions.
The exchange rate continues to be closely monitored by businesses, investors and policymakers due to its impact on import costs, inflation, foreign investment and overall economic activity.
The Central Bank of Nigeria (CBN) has maintained a series of reforms aimed at improving liquidity, enhancing transparency in the foreign exchange market and promoting exchange rate stability.
Analysts say fluctuations in the official exchange rate remain influenced by market demand and supply dynamics, foreign exchange inflows and broader macroeconomic conditions as authorities continue efforts to strengthen the value of the naira.
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