The Naira extended its recent gains on Wednesday, closing at N1,596.70 against the US dollar at the official market, according to data from the Central Bank of Nigeria (CBN).
The local currency strengthened by N3.33 compared to Tuesday’s close of N1,600.03 per dollar, marking a 0.21 per cent appreciation. Earlier in the week, the Naira had shown modest gains, rising 0.02 per cent on Tuesday.
Analysts attribute this upward trend to increased foreign exchange liquidity and ongoing interventions by the CBN aimed at stabilising the currency.
Market observers also suggest that greater confidence in recent monetary policy reforms may be supporting the Naira’s performance in recent days.
Despite persistent economic challenges, this movement indicates a degree of cautious optimism among traders and investors monitoring the foreign exchange market.
The Naira’s trajectory this week remains under close watch as Nigeria continues efforts to stabilise its economy and encourage foreign investment.
NAN
