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The naira on Tuesday appreciated its highest level in one month, closing at ₦1,345 to the dollar at the official foreign exchange market, in a development that signals gradual stability in Nigeria’s currency market.
Figures from the Central Bank of Nigeria (CBN) showed the local currency improved from ₦1,355/$ recorded in the previous trading session, continuing a modest but steady recovery in recent days.
Checked in the market indicated that the naira traded within a narrow range of ₦1,340/$ to ₦1,355/$, reflecting reduced volatility compared to previous weeks when the currency experienced sharper swings.
Financial analysts say the latest appreciation is largely driven by improved dollar supply in the official window, alongside ongoing reforms by the apex bank aimed at restoring confidence in the foreign exchange market.
In recent months, the CBN has introduced measures to boost transparency, clear FX backlogs, and attract foreign investors, moves that are beginning to yield positive results.
There are also indications that increased interest in Nigerian government securities, particularly treasury bills and bonds offering attractive yields, is supporting demand for the naira.
However, despite the positive performance, concerns remain over the country’s external reserves, which dipped slightly to about $49.86 billion from over $50 billion recorded in February. Analysts warn that sustained pressure on reserves could impact the long-term stability of the currency.
Economic watchers also note that global factors, including movements in the U.S. dollar and policy direction of the U.S. The Federal Reserve, continues to influence the naira’s performance.
For many Nigerians, the slight strengthening of the naira offers cautious optimism, although its impact on the cost of goods and services is yet to be fully felt.
Experts maintain that sustained reforms, improved oil earnings, and consistent inflows of foreign exchange will be key to keeping the naira stable in the coming months.
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