Sat Feb 22 03:40:00 UTC 2025: ## Naira Strengthens Against Dollar as CBN Policies Yield Results

**Abuja, Nigeria** – The Nigerian Naira has continued its upward trend against the US dollar, reaching ₦1,494.03/$1 on the official market and ₦1,510.00/$1 on the parallel market, according to reports from the FMDQ Securities Exchange and Daily Trust. This narrowing gap between official and parallel market rates – down to ₦15.5/$1 – is attributed to the Central Bank of Nigeria’s (CBN) ongoing efforts to stabilize the foreign exchange market.

The Naira’s appreciation, reported as a 1.04% increase on the official market and 1.66% on the parallel market by CardinalStone Research, follows a similar strengthening trend in previous days. The CBN’s sustained dollar sales to authorized dealers, a policy extending until May 30th, 2025, is cited as a key factor contributing to the Naira’s gain. Aminu Gwadebe, head of a currency exchange association, attributed the improved situation to increased dollar supply and reduced anxieties surrounding currency fluctuations.

Despite the positive development, the Monetary Policy Committee (MPC) maintained its benchmark interest rate at 27.50%. Other policy parameters, including the asymmetric corridor of +500 and -100 basis points around the MPR, the Cash Reserve Ratio (CRR) of 50% and 16% for banks and merchant banks respectively, and the Liquidity Ratio (LR) of 30%, remain unchanged.

CBN Governor Olayemi Cardoso emphasized the ongoing stabilization efforts and the bank’s commitment to conventional monetary policy approaches. He reiterated the CBN’s primary goal of reducing inflation to improve the national economy.

These developments follow the CBN’s implementation of the Investors and Exporters (I&E) window, merging various official exchange channels into a unified system. The initiative is seen as a significant step towards stabilizing the Naira. Legit.ng Hausa has also launched a new WhatsApp channel to provide up-to-the-minute news updates.

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