The naira appreciated to N1,315 against a dollar on Thursday at the official section of the foreign exchange (FX) market.
Data from the Nigerian foreign exchange market (NFEM) — Nigeria’s official market — showed that the currency gained 0.84 percent from the N1,326 per dollar recorded on September 2.
The last time the exchange rate hit the N1,300 level was in April 2024.
The latest value represents the currency’s strongest performance since the Central Bank of Nigeria (CBN) introduced the electronic foreign exchange matching system (EFEMS).
At the parallel section of the market, the naira also appreciated to N1,400 per dollar on Friday, from N1,410 per dollar on Thursday.
The naira appreciation across both FX markets comes at a time when external reserves are hovering at the highest level in more than 17 years.
As of Thursday, the FX reserves stood at $54.08 billion, according to the CBN, compared to the $45.56 billion recorded on January 2, representing $8.51 billion or 18.69 percent growth year-to-date.