Naira gains to ₦1,497 per dollar
The naira gained strength in the foreign exchange market on Thursday, trading at ₦1,497 per dollar, following increased foreign exchange inflows and a rise in the country’s external reserves.
According to data from the FMDQ Exchange, the local currency appreciated against the dollar as improved liquidity from foreign investors and remittances eased pressure on the market.
Analysts attributed the development to recent policy measures by the Central Bank of Nigeria (CBN), including sustained intervention in the FX market and efforts to attract portfolio investment. The boost in external reserves also reinforced market confidence, supporting the naira’s upward movement.
Economic experts, however, cautioned that while the short-term rally is positive, long-term stability depends on addressing structural issues such as crude oil production, non-oil exports, and inflationary pressures.
Traders noted that demand for dollars remains high, particularly from manufacturers and importers, but improved supply has helped narrow volatility in recent days.
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