By Grace Alegba
After a relentless downward spiral, the Naira staged a strong comeback on Friday, appreciating by 1.9% to close at N1,517.93 per Dollar in the official market.
The Central Bank of Nigeria (CBN) reported that the local currency, which had been on a steady decline since March 5, gained N29.89, marking a crucial turnaround for the Nigerian economy.
This surge represents a sharp contrast to Thursday’s close of N1,547.82 per Dollar, signaling renewed optimism among traders and businesses that have been grappling with currency instability.
Financial analysts suggest that this rebound could be a response to recent monetary policies implemented by the apex bank to stabilise the foreign exchange market.
However, concerns remain about whether the upward momentum can be sustained in the coming weeks.
Market watchers are now on edge—is this the beginning of a long-term Naira recovery, or just a momentary relief before another slump? Only time will tell. (NAN)
