Nigerian Naira Hits Five-Month High Below N1,500/$1 Amid Dollar Crash
The Nigerian Naira has appreciated to a five-month high against the US Dollar, trading below N1,500/$1 in both official and parallel foreign exchange markets. This improvement is attributed to eased demand pressure and strengthened foreign exchange liquidity by the Central Bank of Nigeria (CBN).
The naira's rise to below N1,500/$1 marks its strongest level since March 2025, indicating a positive trend. With steady growth in external reserves, experts project naira stability in the medium term.
The decline in speculative activities and increased transparency in price discovery have contributed to the naira's recent strength, ensuring sufficient foreign exchange reserves to cover imports.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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