Naira has appreciated by N3.42 against the US dollar at the official market, amid praise from the International Monetary Fund (IMF) for the Central Bank of Nigeria’s (CBN) foreign exchange (FX) reforms.
According to data from the CBN website, the Naira traded at N1,526.15 to a dollar on Wednesday, representing a 0.22% gain from its previous trading level of N1,529.57 on Tuesday.
The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms in the FX market, which have supported price discovery and liquidity.
The IMF noted that the CBN’s measures have brought stability to the Naira, curbed FX volatility, and improved transparency and market integrity.
The IMF’s praise for the CBN’s FX reforms underscores the positive impact of the measures on the Nigerian economy. The stability in the FX market is expected to boost investor confidence and support economic growth.
The CBN’s commitment to FX reforms has been recognized by the IMF as a key factor in promoting stability and transparency in the FX market. The bank’s efforts to improve the FX market’s functioning are expected to have a positive impact on the Nigerian economy.
