Naira Strengthens to N1,385/$1 Amid Global Dollar Retreat

The Nigerian Naira (NGN) extended its bullish momentum in the foreign exchange market on Thursday, appreciating to N1,385 against the US Dollar. The move reflects a broader reprieve for emerging market assets as the greenback softened globally.

Emerging Market Relief

The USD retreat has provided a critical window for battered EM currencies to recover ground. For Nigeria, this external tailwind combines with ongoing domestic efforts to stabilize the FX market.

Governance Cleanup Continues

Parallel to the market movements, the Central Bank of Nigeria (CBN) continues to grapple with legacy governance issues. A witness testified that $6.23 million was withdrawn using forged documents during the tenure of former Governor Godwin Emefiele.

Data Snapshot

• Exchange Rate: N1,385 per USD
• Asset Class: NGN / Nigerian Naira
• Legacy Issue: $6.23 million unauthorized withdrawal
• Regulatory Body: CBN (Central Bank of Nigeria)