Nigerian Naira Hits New High Against USD, Analysts Predict Stable FX Market

The Nigerian Naira has achieved a new high against the US dollar in all foreign exchange markets, maintaining a strong performance for ten consecutive sessions. The Central Bank of Nigeria reported that the Naira crossed a significant threshold on September 15, marking the first time in six months.

The Naira also appreciated in the parallel market, with analysts attributing this success to the CBN's effective management of foreign exchange supply and demand, boosting market confidence. Improved liquidity from local players, oil receipts, and foreign portfolio inflows have been driving factors in the Naira's performance.

Analysts predict that ongoing policy adjustments and fiscal measures will keep the foreign exchange market stable in the near term.