Naira appreciation continues as BCAN urges the CBN to sustain its reforms and calls for fiscal policies to boost productivity and economic stability

Naira appreciation has continued to lift confidence in Nigeria’s foreign exchange market as the Bank Customers Association of Nigeria (BCAN) called on the Central Bank of Nigeria (CBN) to maintain its current monetary reforms.

Also read: Nigerian Naira Falls After Week of Gains

BCAN President, Dr Uju Ogubunka, gave the advice in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos, following the Naira’s steady recovery at the official market.

According to data from the CBN, the Naira appreciated to N1,455.17 against the dollar on Friday, gaining N11.48 or 0.78 per cent from Thursday’s closing rate of N1,466.65.

The week had seen mixed trading, with a slight dip to N1,471.08 on Tuesday and N1,470.26 on Monday.

Dr Ogubunka commended the CBN for implementing policies that are stabilising the market and strengthening the local currency. “Let the CBN keep doing whatever it has been doing that made the Naira appreciate.

Let them do more of it. They should sustain the reforms,” he said.

The Naira appreciation, he explained, is largely driven by effective monetary controls regulating money supply. Such measures, he added, are vital in fostering economic growth and reducing volatility in the forex market.

However, Ogubunka urged the government to complement the CBN’s efforts with robust fiscal measures that enhance local manufacturing, improve productivity, and attract foreign investment.

“People are still suffering due to low purchasing power. We should increase productivity, tackle insecurity, and attract more investors to bring funds into the system so that more people can be employed,” he said.

He warned that unchecked liquidity could undermine the Naira appreciation trend. “If there is too much money in circulation, the Naira will not appreciate as expected,” he noted.

Also read: Naira Strengthens to N1,480 Amid Forex Market Reforms

The BCAN president expressed optimism that with sustained reforms, policy coordination, and improved economic output, the Naira could achieve greater stability and restore investor confidence in Nigeria’s financial system.