The Naira gained N3.42 against the United States dollar on Wednesday, trading at N1526.15 in the official market, following a positive assessment by the International Monetary Fund (IMF) regarding Nigeria’s foreign exchange reforms.
According to data published on the Central Bank of Nigeria’s (CBN) website, the local currency appreciated by 0.22 percent. Just a day earlier, the Naira had exchanged at N1,529.57 to a dollar, showing a notable improvement within 24 hours.
The IMF, in its newly released 2025 Article IV Consultation report on Nigeria, offered praise for the recent steps taken by the CBN. These changes, according to the IMF, are helping Nigeria’s foreign exchange market become more transparent and efficient.
The report stated that the Central Bank’s forex market interventions have played a key role in supporting price discovery and boosting liquidity. “Reforms to the forex market and foreign exchange interventions (FXIs)” have helped create “stability to the Naira,” the IMF said.
The IMF further noted that the policies introduced by the CBN have successfully reduced sharp movements in the currency’s value. These efforts have led to a more stable exchange rate environment and created greater confidence among investors and businesses.
According to the IMF, the central bank’s actions have also increased openness in the currency market. “CBN’s measures had curbed forex volatility and improved transparency and market integrity,” the global financial institution added.
