The naira has strengthened to N1,278.58 against the United States dollar, compared to N1,309.39 per dollar recorded last week Thursday, March 28. Data from FMDQ Securities shows that the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market closing below the N1,300 ceiling marks the first instance since January 26 of this year.

Since the implementation of several forex policies by the central bank, the naira has appreciated by over 21 per cent against the dollar since March. The liquidity in the forex market has been attributed to a variety of policies currently in place by the CBN.

These reforms include the unification of exchange rate windows, liberalisation of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2bn on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.