Naira Rises by N3.42 Against Dollar as IMF Applauds CBN’s Forex Reforms

The Nigerian Naira appreciated by N3.42 against the US dollar on Wednesday, closing at N1,526.15 in the official market. This marks a 0.22 percent gain from Tuesday’s rate of N1,529.57, according to figures published by the Central Bank of Nigeria (CBN).

The appreciation came as the International Monetary Fund (IMF) commended the CBN for its recent reforms in the foreign exchange market.

In its 2025 Article IV Consultation report on Nigeria, the IMF noted that these policy measures have helped improve price discovery and increase market liquidity.

The IMF highlighted that the CBN’s foreign exchange interventions have contributed to greater stability for the Naira, thereby curbing volatility and enhancing market transparency.

According to the report, these reforms have improved overall market integrity and investor confidence in Nigeria’s currency.