Naira Appreciates Against Dollar in NFEM: Positive Trend Expected

The Nigerian Foreign Exchange Market (NFEM) witnessed a slight appreciation of the Naira against the US Dollar on Tuesday, September 2. The Naira strengthened by 34 kobo to close at 1 Naira to a Dollar, reflecting a positive movement in the market.

The Pound Sterling also appreciated compared to the previous day's rate. While the official exchange rate showed improvement, the parallel market rate remained stable.

Market analysts attribute this performance to efficient forex operations, improved investor confidence, ongoing reforms, and steady export contributions. The recent positive trend in the foreign exchange market is expected to continue, supported by sustained inflows and measures taken by the Central Bank of Nigeria (CBN).