The Nigerian Naira continued its upward momentum on Thursday, closing at ₦1,553.11 per U.S. dollar in the official foreign exchange market, according to figures released by the Central Bank of Nigeria (CBN).
This marks a ₦12.35 gain—a 0.79% appreciation—compared to Wednesday’s rate of ₦1,565.46 to the dollar.
The domestic currency has shown consistent strength throughout the week.
On Tuesday, it traded at ₦1,579.27, and on Monday, it stood at ₦1,581.58, indicating a positive trend.
The Naira also began the week on a strong note, opening with a gain of ₦4.56 after ending the previous week bullish.
Analysts suggest the currency’s improved performance may be partly linked to the ongoing recapitalisation of Bureau De Change (BDC) operators, which officially commenced on June 3.
This reform is expected to bring greater stability and transparency to the forex market.
Despite earlier projections hinting at possible depreciation pressures in 2025, the Naira’s recent performance suggests a temporary rebound driven by regulatory efforts and market adjustments.
