Without the economic reforms implemented by the Federal Government, the naira could have been largely unavailable in the Nigerian FX market, according to the Ministry of Finance.
Taiwo Oyedele, finance minister and coordinating minister of the economy, who presented the reforms scorecard at a media conference, said the official exchange rate had moved from about N460/$ in May 2023 to around N1,358/$ in August 2026.
Concurrently, the foreign exchange premium between official and parallel markets fell from over 60 percent to less than 5 percent.
Foreign exchange market stabilises
On Wednesday, the naira traded at N1,350.41 per dollar, marking a 0.5 percent loss from Tuesday’s rate of N1,343.32 at the Nigerian Foreign Exchange Market (NFEM), Central Bank of Nigeria (CBN) data indicated. In the parallel market, the local currency gained N5 to trade at N1,405 per dollar on Thursday, up from N1,410 the previous day.
