Naira strengthens to ₦1,514 per dollar
The Nigerian naira appreciated further on Friday, trading at ₦1,514 per US dollar, its strongest level in nearly five months.
Traders attributed the gain to improved dollar liquidity in the official market and sustained interventions by the Central Bank of Nigeria (CBN). Market analysts say the CBN’s policies aimed at stabilizing the foreign exchange market are beginning to yield positive results, boosting investor confidence.
The latest performance marks a significant rebound from earlier lows recorded this year, when the naira faced intense pressure due to forex scarcity and high demand from importers.
Economists note that if the trend continues, it could ease inflationary pressures by lowering the cost of imports. However, they caution that long-term stability will depend on Nigeria’s ability to diversify exports, attract foreign investment, and maintain strong fiscal discipline.
Businesses and consumers have welcomed the development, with hopes that a stronger naira will translate into reduced prices for goods and services in the coming months.
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