The Nigeria’s currency, Naira, on Monday strengthened against the US dollar at the official foreign exchange market.

According to the data from the Central Bank of Nigeria (CBN), the Naira gained N5.16, trading at N1,452.79 per dollar, a 0.35% appreciation from N1,457.95 last Friday.

The development marks a fifth consecutive gain, which became positively effective after Nigeria’s removal from the Financial Action Task Force (FATF) grey list, increased oil revenue, rising foreign reserves, and steady diaspora remittances.

The Association of Bureau De Change Operators of Nigeria (ABCON) praises the Naira’s month-long appreciation, attributing it to improved transparency and security measures.

ABCON President, Dr Aminu Gwadabe, in an interview with NAN in Lagos, attributed the Naira’s gains to several factors, including Nigeria’s removal from the FATF grey list, increased oil revenue, rising foreign reserves, and steady diaspora remittances.

Gwadabe further praised Nigeria’s removal from the FATF grey list, noting that the Naira gained N10 at the parallel market on Monday.

He credited sustained reforms, information sharing among security agencies helped trace proceeds of crime and facilitated Nigeria’s exit from the list.

He added by commending the Central Bank’s efforts in boosting foreign reserves to $42.26 billion, which, according to him, has enhanced investor confidence and provided a strong buffer for the Naira.

“The sustained stability has reduced speculation. Speculators’ activities have been rendered ineffective in the market,” he said.

 

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