• Naira appreciates by ₦3.42 to trade at ₦1,526.15/$ in official market
• IMF praises CBN’s forex reforms for stabilising exchange rate
• Transparency and liquidity cited as key gains from FX interventions
The Naira recorded a significant gain against the US dollar on Wednesday, appreciating by ₦3.42 in the official foreign exchange market.
According to data published on the Central Bank of Nigeria (CBN) website, the exchange rate improved from ₦1,529.57/$ on Tuesday to ₦1,526.15/$ on Wednesday, marking a 0.22 per cent appreciation.
The International Monetary Fund (IMF) has endorsed Nigeria’s recent foreign exchange reforms in its 2025 Article IV Consultation report, highlighting key improvements in price discovery, market transparency, and liquidity.
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The report specifically commended the CBN for implementing forex interventions (FXIs) that have helped stabilise the Naira and reduce volatility in the forex market.
“CBN’s measures have curbed market distortions, improved transparency, and restored integrity to Nigeria’s FX market,” the IMF stated.
