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The FX market has seen promising movements, specifically with the naira gaining 1.76% against the dollar, showing notable resilience after struggling in previous weeks. The official FX window recorded a close at approximately 1,613 naira to the dollar, with various platforms witnessing similar trends, indicating a broader strengthening of the local currency.
The Central Bank of Nigeria's (CBN) recently introduced Enhanced Foreign Exchange Market System (FM) has been pivotal in this shift. The FM platform enhances liquidity, transparency, and price discovery in the FX market. As a result, the naira’s appreciation has reduced the gap in the parallel market, with new liquidity attracting buyers and sellers alike.