Abuja, Nigeria – Naira don show strong hand as e don appreciate to N1,452.79 per dollar last Monday for official foreign exchange market. Na so! This one na di highest level since dem start EFEMS (Electronic Foreign Exchange Matching System). E mean say Naira don increase by 14.34 percent or N208.33 since December 2024 when dem introduce di platform. Everybody dey look am like wahala dey on ground.
From Friday wey just pass, Naira don strengthen small-small by 0.4 percent, that one be N5.16 difference. As dollar dey quote N1,452.79 yesterday, e don show say e get plans to dey form strong boy for market. But for di black market, naira still hold its N1,485 per dollar rate since last week. (E be like say dem no wan change position for party).
According to Coronation research, di market report show say di local currency dey do hustle. For di official rate, naira jive down by 1.19 percent wey be N17.39 week-on-week, ending for N1,457.96 per dollar. Meanwhile, for di parallel market, e don lose ground by 0.67 percent wey be N10, closing at N1,500 per dollar. Di gap between di two markets don shrink from N42.04 to N14.65 per dollar.
Foreign exchange inflow don increase to $1.37 billion, up from $1.10 billion. Dis one na fresh report from Coronation Merchant Bank Research. Dem talk say di investors wey sabi pass (Foreign Portfolio Investors) dey contribute plenty chop, 33.52 percent of total transactions. Exporters take 14.92 percent while non-bank corporates dey hold 10.76 percent. Dis one dey show say na dem dey run di show for foreign inflows.
Nigeria’s external reserves sef don rise small by 0.40 percent week-by-week, dat one be $169.70 million, total now na $42.87 billion as of October 24, 2025. Analysts dey praise di increase for di foreign exchange inflow and normal outflow wey dey show say liquidity for di official market dey improve. Everybody dey expect say official rate go still remain below N1,500 per dollar, especially as dem dey predict steady inflows.
Remember say November 26, 2024, Central Bank don tell all di banks for interbank FX market say make dem start to use Bloomberg BMatch system for trading. Dis comot do plenty wonder as e waka into di system on December 2, 2024. Dis na to make di market more transparent and effective for everybody wey dey play di game.
EFEMS come follow dis new guideline wey dey declare minimum tradable amount at $100,000, you go fit add $50,000 for each increment. Na better initiative wey go vex transparency and liquidity for FX transaction. All dis things dey show say di CBN don dey try reform di FX market for Nigeria. Dey expect better performance as naira dey show class.
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