News Update

Latest on exchange rate, with the recent positive performance of the naira, analysts say the financial markets have responded positively to the Financial Action Task Force (FATF) removal of Nigeria from its grey list of countries with money laundering and terrorist financing risks.

The naira hit a 10-month high of N1,444.42/$ at the official markets last Wednesday while closing the month at N1, 1422/$, according to the Nigeria Foreign Exchange Market (NFEM) data released by the Central Bank of Nigeria (CBN) as more dollar holders offload their positions.

The recent CBN reforms in the financial markets are tipped as major considerations driving the positive market sentiments and expected investment inflows to the domestic economy.

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The naira is recording strong gains following last week’s exit of Nigeria from the Financial Action Task Force (FATF) grey list.