Nigeria, Oct. 5 -- The naira has crossed the N1.500 mark against the euro for the first time since April 2024 as the euro slipped against most major currencies in the world foreign exchange market.

According to the Central Bank of Nigeria data, the naira closed at N1,497 to the euro for the day extending its recent gains after hitting a high of N1,800 following major foreign exchange reforms of 2024.

The News Chronicle reports that the naira has been stable against the US dollar with trading around N1,327-N1,330 in the official market.

The improved stability has narrowed the gap between official and parallel market rates, opening up arbitrage opportunities and facilitating price discovery.

The fall in the value of the euro has played...