The Nigerian naira maintained its value in the unofficial market, trading at N1,640/$ and N1,650/$, respectively. The Central Bank of Nigeria (CBN) introduced the Nigeria Foreign Exchange Code to promote transparency and efficiency in the foreign exchange market.
Key Highlights:
- Naira Stability: The naira maintained its value in the unofficial market.
- CBN’s FX Code: The CBN introduced the Nigeria Foreign Exchange Code to promote transparency and efficiency.
- Improved Market Performance: The FX Code aims to support improved market performance and strengthen Nigeria’s flexible exchange rate system.
- Reduced FX Pressure: The implementation of the Electronic Foreign Exchange Market System (EFEMS) and the FX Code are expected to reduce FX pressure in Nigeria’s market.
- US Dollar Index: The US Dollar Index rose to 107.9 index points amid President Trump’s tariff threats.
Source: Nairametrics
