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Nigeria’s naira gains against the dollar as improved liquidity boosts market stabilityForex turnover surged 20% as increased dollar availability fuels trading activityNigeria’s external reserves rise to $51.429 billion, bolstering investor confidence amid oil market uncertainties
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s currency recorded a fresh gain against the United States dollar on Tuesday as improved liquidity in the official foreign exchange market boosted the naira’s performance.
The appreciation comes after the local currency faced pressure last week due to heightened demand for foreign exchange, signalling a possible return to stability in the market.
The naira moves strongly against the dollar in all markets. Credit: Picture Alliance/ContributorSource: Getty Images
Naira appreciates at official market
Data released by the Central Bank of Nigeria (CBN) showed that the naira closed at N1,379.6842/$1 at the Nigeria Foreign Exchange Market (NFEM), improving from N1,383.6262/$1 recorded on Monday.
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