Nigerian Naira Hits 10-Month High Against US Dollar on Market Optimism

The Nigerian Naira has surged to a 10-month high at N1,444.42 in the official market, marking a strong gain from N1,422 against the US Dollar. This increase is attributed to factors such as the recent reforms in the financial market, improved business trust, and the country's exit from the FATF grey list.

The Central Bank of Nigeria's data shows a rise in gross foreign reserves to $43.10 billion, supporting the local currency. Aminu Gwadabe of ABCON announced Nigeria's removal from the FATF grey list, boosting market confidence and leading to the Naira's appreciation.