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Naira gains against the dollar amid improved liquidity and reduced corporate demandForex turnover plummets 50% despite strengthened exchange rate, signalling lower market participationAnalysts remain optimistic about naira’s stability, expecting continued foreign exchange inflows
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira recorded a modest gain against the United States dollar in the official foreign exchange market on Wednesday, as improved dollar liquidity and weaker corporate demand helped strengthen the local currency.
Fresh data released by the Central Bank of Nigeria (CBN) showed the naira closed at N1,382.1841 per US dollar, improving from N1,383.0755 recorded in the previous trading session.
CBN issues stronger FX rates as naira rebounds against the dollar. Credit: NovatisSource: Getty Images
The latest appreciation reflects continued stability in the official market despite a slowdown in trading activities among banks and authorised dealers.
Improved dollar supply lifts naira
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