Naira Appreciates Against Dollar as CBN Governor Highlights Achievements

The Nigerian Naira appreciated against the US dollar, reflecting improved stability and investor confidence in the foreign exchange market. CBN Governor Yemi Cardoso listed achievements, including a narrower spread between official and parallel market rates, increased foreign reserves, and a liquid FX market covering 10 months of imports.

The market saw a modest strengthening against major currencies, with a slight depreciation against the pound and a marginal gain against the euro. This positive performance signals a stable FX market environment, supported by strong investor appetite and increased reserves, providing market confidence.