The naira recorded notable improvement against the U.S. dollar on Wednesday, closing at N1,584/$1 in the official market, a 0.38% improvement from the previous close of N1,590/$1.
This marks a continuation of the naira’s upward movement since yesterday, driven by the Central Bank of Nigeria’s (CBN) sustained monetary policies and commitment to stabilise the foreign exchange market.
The parallel market mirrored the positive momentum in the official market, as the naira appreciated slightly against the dollar to N1,620/$1 from the Tuesday close of N1,625/$1.
However, the Nigerian currency fell against the British pound to N2,140/£1, a 0.47% drop from the last close of N2,130/£1. Also, the naira dropped by 0.84% against the euro to N1,795/€1, from the prior close of N1,780/€1.
The CBN’s decision to retain the Monetary Policy Rate has been pivotal in anchoring the market and fostering investor confidence.
This is reflected in the naira’s performance, which has been on an upward trajectory since the latest Monetary Policy Committee decision.
The CBN Governor also reaffirmed the bank’s commitment to maintaining market stability, emphasising its role as a custodian of economic balance.
