The Naira appreciated for the second consecutive day, strengthening to N1,596.70 per dollar on Wednesday amid signs of improved forex liquidity and confidence in CBN policy moves.
- The Naira gained N3.33, a 0.21% appreciation from Tuesday’s close of N1,600.03 per dollar.
- Analysts credit the boost to increased FX liquidity and ongoing CBN market interventions.
- Investor confidence appears to be improving as Nigeria pushes reforms in its monetary policy landscape.
For many Nigerians, the steady improvement in exchange rates is a welcome relief after months of economic turbulence. Traders and businesses dealing in imports remain cautiously optimistic, hopeful that further appreciation might ease inflationary pressure and restore market stability.
Can the CBN sustain this momentum, or will global and domestic shocks reverse the gains? The market will be watching closely as reforms deepen.
