The Nigerian naira has surged to its strongest level since March, breaking below the ₦1,500/$ mark in a development that signals renewed confidence in the currency.
Traders confirmed that the naira appreciated sharply in the official and parallel markets, buoyed by increased dollar supply and tighter monetary policies introduced by the Central Bank of Nigeria (CBN).
Market analysts attribute the rally to sustained inflows from foreign portfolio investors, improved remittances, and efforts by the CBN to curb speculative activities in the forex market.
The currency’s rebound has been widely welcomed by businesses and consumers, who have endured months of inflationary pressure tied to a weaker exchange rate. However, economists caution that sustaining the momentum will require consistent reforms, diversification of foreign exchange earnings, and political stability.
The naira’s performance in the coming weeks is expected to be closely monitored as Nigeria pushes to stabilize its economy and attract long-term investment.
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