Naira Exchange Rate Surges to 6-Month High Amid Rising External Reserves
The Naira exchange rate hit a six-month high on September 4, with the official rate trading at its strongest level since March 6, 2025. The Central Bank of Nigeria reported an increase in external reserves, contributing to the Naira's performance.
Despite a public holiday, trading in the parallel market remained stable. Foreign currency reserves stood at $29 billion on September 4, with a notable increase in total FX inflow in Q1 2025.
However, FX outflow also rose, resulting in a net FX flow of $5 billion. Analysts attribute the Naira's strength to the CBN's tight monetary policy.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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