The Nigerian currency, the naira, appreciated again against the US Dollar in the official foreign exchange market following the Central Bank of Nigeria's (CBN)recent injection of forex.

According to data from FMDQ securities, where naira is officially traded, naira closed against the US dollar at N1,540.78/$1 on Friday, September 27, 2024.

The exchange rate on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) showed a 2.24% or N35.32 improvement compared to the previous day's rate of N1,576.10/$.

The naira's strong performance is attributed to the FX liquidity provided by the Central Bank, with a total of $212.31 million transacted on Friday.

Legit.ng had earlier reported that the CBN sold dollars at a cheaper rate to authorized Bureau de Change (BDC) operators in its bid to stabilize the Naira.

Naira other performance

Meanwhile, there was little to report for the naira against the Pound Sterling and the Euro in the official market.

However, there was positive news in the parallel market, also known as the black market, as the naira gained N5 against the dollar on Friday, trading at N1,690/$1 compared to the preceding session’s N1,695/$1.

CBN predicts new exchange rate

Earlier, Legit.ng reported that the CBN asked Nigerians to expect the value of the Nigerian currency to improve in the coming months.

The apex bank said increasing domestic crude oil production and exports would enhance the naira's value.

The CBN recently conducted another round of forex sales and reiterated its determination to tackle depreciation of the naira.