Nigeria’s currency, the naira, has appreciated by N63, reaching a seven-month high against the dollar, signaling renewed strength in the foreign exchange market.
This surge follows recent policy measures by the Central Bank of Nigeria (CBN) aimed at stabilizing the naira and improving liquidity.
Analysts attribute the appreciation to increased dollar inflows, improved investor confidence, and tighter monetary controls by the apex bank.
The currency’s upward trajectory also reflects ongoing adjustments in the forex market, with traders and businesses closely monitoring further developments.
While the naira’s appreciation may ease inflationary pressures on imports, exporters and some sectors reliant on foreign exchange may face challenges.
Market watchers remain cautious about sustaining this momentum, as global economic factors and local policy shifts could influence future exchange rate movements.
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