CBN Intervention Crashes Dollar Rate, Naira Gains Strength
The Central Bank of Nigeria's liquidity injection has led to a significant drop in the exchange rate of the dollar, with the official rate falling to N15. Traders noted a decrease in both buying and selling rates of the dollar, attributing the positive performance to the CBN's interventions.
The naira has shown strength against the US dollar for the fourth consecutive session, appreciating by close to 1%. Analysts anticipate continued inflow of foreign portfolio investments, boosting market confidence and stabilizing the naira.
The market's resilience is supported by robust foreign exchange mechanisms and rising foreign reserves, indicating a positive outlook for Nigeria's currency stability.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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