Naira storms ahead, pounds Dollar with fresh gains

By Grace Alegba

The Naira roared higher on Wednesday, extending its bullish run in the official foreign exchange market with a fresh gain that pushed it to N1,596.70 per dollar, its strongest level this week.

Data from the Central Bank of Nigeria (CBN) confirmed the local currency appreciated by N3.33, marking a 0.21% surge from Tuesday’s closing rate of N1,600.03/$.

This follows a subtle yet significant 0.02% rise recorded earlier in the week, signalling a wave of renewed resilience in the face of lingering economic pressures.

Financial analysts credit the naira’s rebound to boosted forex liquidity and CBN’s strategic interventions, which are fuelling market optimism. Confidence in ongoing monetary policy reforms is also playing a critical role in lifting sentiment across the forex landscape.

While economic headwinds persist, the naira’s recent strides are stoking cautious optimism, as traders and investors keep a close watch on Nigeria’s efforts to stabilise its currency and lure foreign capital.