Naira strengthens further, hits ₦1,553.11/$

The Nigerian Naira continued its bullish run on Thursday, appreciating to ₦1,553.11 per dollar at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).

This marks a ₦12.35 gain or a 0.79% appreciation from Wednesday’s exchange rate of ₦1,565.46/\$, reflecting a steady upward trend in the value of the local currency throughout the week.

Earlier in the week, the Naira exchanged at ₦1,579.27 on Tuesday and ₦1,581.58 on Monday. Notably, the currency had already shown signs of strength at the start of the week, gaining ₦4.56 during Monday’s opening trading session.

This steady recovery aligns with the official commencement of the recapitalisation process for Bureau De Change (BDC) operators, which began on June 3. Analysts believe the move is part of broader efforts by the CBN to stabilise the foreign exchange market and strengthen monetary policy.