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Naira strengthened against major currencies amid improved market liquidity and demand pressure.Analysts predict sustained naira momentum supported by healthy foreign exchange inflows and investor confidence.Rising global oil prices raise concerns as US military action escalates tensions in the Middle East.
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira opened strongly at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, posting gains against major foreign currencies,, including the United States dollar, British pound, and euro amid sustained market liquidity.
Fresh exchange rate data released by the Central Bank of Nigeria (CBN) showed that the local currency traded at N1,360.5519 against the US dollar, N1,573.6143 against the euro, and N1,823.0035 against the British pound.
The naira gains against major currencies amid improved liquidity. Credit: Picture Alliance/ContributorSource: Getty Images
The development comes after the naira recorded a mild rally in the previous trading session,
