The naira strengthened to ₦1,506.08 per dollar at the official foreign exchange market on Tuesday, its best performance since March 5 when it traded at ₦1,500.80/$.
Data from the Nigeria Foreign Exchange Market (NFEM) showed a marginal 0.05 percent gain from Monday’s rate of ₦1,506.84/$. On September 3, the currency also appreciated to ₦1,521.45/$, reflecting a recent trend of gradual stability.
At the parallel market, the naira remained unchanged at ₦1,525/$ on Tuesday.
The development came a day after Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the government’s tough reforms were beginning to yield results. He cited the removal of fuel subsidies and exchange rate liberalisation as difficult but necessary decisions that have contributed to stabilising the economy.
Edun added that the administration was focused on fiscal discipline, debt transparency, domestic revenue mobilisation, and growth-driven borrowing, stressing that the Nigerian economy was “turning the corner.”
