The naira has appreciated steadily since the Eurobond sales and the Central Bank of Nigeria (CBN) introduced the Electronic Matching System on Monday, December 2, 2024.

According to the CBN, the Nigerian currency appreciated N1,533 from N1,570 on Friday, December 6, 2024.

Reports indicated that the naira has gained over N300 since the second week of November 2024, when it hit a record low of N1,689 per dollar.

Experts have stated that the naira will keep rallying until January 2025 and said the gains were due to the FX market's transparency, which the introduction of the EFEMS has boosted.

The new FX trading platform aids in tackling speculations and improving transparency in Nigeria’s FX market.

Senior banker and economist, Janet Ogochukwu revealed that the new platform helped the naira to perform well against major currencies, defying the dire predictions against it.

She stated that: “I think the new system has been seen as transformative in shaping the true value of the naira.

"Now, we are seeing the true rates in which the local currency can trade.”

She added that the move has defied naysayers who predicted the worst for the naira.

Ogochukwu concluded that if the move is sustained, the naira could revert to N1,300 by January 2025.