The Nigerian Naira continued its upward trend against the US Dollar, gaining N4.59 to close at N1,586.15 in the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), this marks a 0.28% appreciation from recent rate of N1,590.74.
The Naira has shown steady improvement last week, trading at N1,583.73 on Tuesday and N1,579.40 on Monday, signaling increased foreign currency inflows and stronger market demand.
Financial experts attribute the Naira’s recovery to sustained policy reforms and enhanced liquidity in the official FX market.
The recent surge in forex supply is linked to growing investor confidence, driven by the economic strategies of President Bola Tinubu’s administration.
Analysts highlight the impact of key reforms, including the liberalization of the FX market, elimination of multiple exchange rates, and a unified exchange policy, which have boosted transparency and efficiency.
The Centre for the Promotion of Private Enterprise (CPPE) noted that these measures have significantly improved Nigeria’s economic outlook within Tinubu’s first two years in office.
While market observers remain optimistic about the Naira’s medium-term stability, they caution that sustaining this progress will require continued macroeconomic stability and effective inflation control.
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