The Naira recorded early gains on Thursday at the Nigerian Foreign Exchange Market (NFEM), trading at about N1,344.20 to the Dollar at the start of the session.
By 7:00 AM WAT, live market data showed the currency moving within a narrow, steady range. It touched an early high of N1,343.83 before stabilising around the N1,344 mark.
Analysts attributed the positive movement to rising foreign currency inflows and the sustained efforts of the Central Bank of Nigeria to clear outstanding foreign exchange obligations.
Financial experts noted that recent economic reforms aimed at strengthening liquidity and restoring confidence in the FX market have contributed to the upbeat sentiment.
They, however, warned that continued Dollar demand for international education, travel, and seasonal imports could shape exchange rate trends in the coming weeks.Naira Opens Stronger at NFEM Amid Improved FX Inflows
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