Nigerian Naira Recovers Against US Dollar Amid Improved Reserves

The Nigerian Naira rebounded against the US Dollar, closing at N1,452.13 per dollar, showing a slight gain from the previous day. The Central Bank of Nigeria's interventions and increased caution among traders contributed to the recovery.

Olayemi Cardoso and Muhammad Abdullahi highlighted Nigeria's rising reserves to $46.7 billion, the highest in seven years, reflecting improved economic conditions and foreign interest in Nigerian assets. Despite the positive trend, the Naira's performance in the parallel market remains weaker.