The Nigerian Naira edged higher against the U.S. Dollar on Thursday, closing at ₦1,586.15 amid increased liquidity and growing confidence in the foreign exchange market.
This marks a ₦4.59 gain from Wednesday’s rate, reinforcing a trend of gradual recovery seen over recent days.
Analysts credit the improvement to ongoing reforms in the FX sector, which have attracted foreign inflows and helped stabilise supply. The Central Bank’s recent policy consistency and unification of exchange rates are also being hailed as key factors boosting investor sentiment.
Economic think tank CPPE noted that the liberalisation of the FX market under President Bola Tinubu’s administration has improved market transparency and efficiency.
While the currency’s upward movement is seen as a positive sign, experts warn that without firm control of inflation and macroeconomic stability, the gains could be short-lived.
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