Naira strengthens further against Dollar

The Naira continued its upward trend on Wednesday, appreciating further at the official market and closing at N1,596.70 to the U.S. dollar.

According to data released on the Central Bank of Nigeria’s official website, the local currency gained N3.33 against the dollar.

This improvement represents a 0.21 per cent appreciation compared to the rate of N1,600.03 per dollar recorded at the close of trading on Tuesday.

The Naira had already shown signs of resilience earlier in the week, gaining 0.02 per cent on Tuesday against the dollar.

Analysts attribute the recent strengthening of the Naira to improved foreign exchange liquidity and sustained interventions by CBN.

Market observers also note that increased confidence in monetary policy reforms may be contributing to the currency’s steady performance in recent days.

In spite of ongoing economic challenges, the recent movements suggest cautious optimism among traders and investors watching the foreign exchange market.

The Naira’s performance this week is being closely monitored as the country continues efforts to stabilise its economy and attract foreign investment.