Naira Sees Marginal Improvement in August with Rising Reserves

Nigeria's Naira experienced a slight improvement in August, with the country's reserves rising due to increased foreign exchange inflows. The official foreign exchange market showed a marginal gain against the dollar, reflecting improved liquidity conditions.

The Central Bank of Nigeria reported a strengthening of the Naira by 0.5% in August. The parallel market also saw a 1% gain in the local currency's value.

The country's external reserves rose to $34 billion, providing support for the Naira. The CBN Governor, Olayemi Cardoso, noted a 200% surge in diaspora remittances, boosting Nigeria's foreign exchange profile.