Naira gains N3.42 against dollar as IMF hails CBN FX reforms

The Naira gained N3.42 against the dollar on Wednesday, trading at N1526.15 in the official market, amid commendation from the International Monetary Fund (IMF).

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira appreciated by 0.22 per cent.

The local currency traded on Tuesday at N1,529.57 to a dollar.

Meanwhile, the IMF, in its 2025 Article IV Consultation report on Nigeria, has praised the CBN for its reforms to the foreign exchange (forex) market, which have supported price discovery and liquidity.

The IMF stated that reforms to the forex market and foreign exchange interventions (FXIs) had brought stability to the Naira.

It explained CBN’s measures had curbed forex volatility and improved transparency and market integrity.