The naira continued to strengthen in the official market on Wednesday, closing at N1,565/$1, a 0.89% appreciation from the previous close of N1,579/$1.
Building on its steady gains since the start of the month, the naira continued to strengthen, reflecting sustained confidence in the foreign exchange market where it fluctuated between N1,577/$1 and N1,556.50/$1 during the Wednesday trading session.
In the parallel market, the naira appreciated against most foreign currencies but fell against the euro. It appreciated to N1,605/$1, up from the last close of N1,610/$1.
Similarly, the naira improved to N2,135/£1, from the last close of N2,140/£1 but declined against the euro to N1,785/€1, down from the prior close of N1,780/€1.
The Nigerian currency’s continuous appreciation reflects the effectiveness of recent economic reforms, highlighting growing market confidence.
As the currency continued to surge in the foreign exchange market the Central Bank of Nigeria (CBN) continued intervention will be paramount in sustaining the momentum.
