Nigeria: Naira Strengthens Against Dollar

The Naira showed resilience earlier this week. It gained 0.02 percent on Tuesday against the dollar.

On Wednesday, the Naira continued to rise. It closed at N1,596.70 to the US dollar in the official market.

Data from the Central Bank of Nigeria shows a gain of N3.33 against the dollar. This is a 0.21 percent increase from Tuesday's rate of N1,600.03 per dollar.

Analysts say improved foreign exchange liquidity helped strengthen the Naira. They also point to sustained interventions by the CBN as a factor.

Market observers note increased confidence in monetary policy reforms. This may be contributing to the currency's steady performance recently.

Despite ongoing economic challenges, there is cautious optimism among traders and investors. The Naira's performance this week is being closely watched.

Nigeria continues efforts to stabilize its economy and attract foreign investment.