The naira appreciated to N1,506.08 per dollar at the official foreign exchange (FX) market on Tuesday, marking its strongest performance in seven months.
This is the highest level since March 5, when the exchange rate stood at N1,500.8/$.
Data from the Nigeria Foreign Exchange Market (NFEM), which regulates official FX trading, showed that the naira strengthened marginally by 0.05 percent to close at N1,506.08/$ on Tuesday, compared to N1,506.84/$ traded on Monday.
On September 3, the naira had also appreciated to N1,521.45 per dollar at the official window.
At the parallel market, however, the naira’s value remained stable at N1,525/$, unchanged from Monday’s rate.
On Monday, Wale Edun, minister of finance and coordinating minister of the economy, said the Tinubu administration’s policies on exchange rate reforms and fuel subsidy removal were beginning to yield results.
“And with the removal of fuel subsidies and the liberalisation of the exchange rate, these difficult decisions have also been taken because they were necessary and they’re yielding positive results,” he said.
Edun further outlined the government’s fiscal priorities, stressing transparency and sustainable growth.
“In addition, the government’s priorities include debt transparency, growth-enhancing borrowing, domestic revenue mobilisation, as I’ve emphasised, and coordinated debt treatment. And what are the results?” he added.
According to the minister, the Nigerian economy is “turning the corner” as reforms begin to reflect in macroeconomic performance.
