The Naira strengthens to N1382 per dollar as the presidency cautions speculators.
Nigeria’s naira appreciated further to N1,382 per dollar on Thursday, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marks a significant increase of N154.48 compared to the previous day. The Central Bank of Nigeria (CBN) recently announced the clearance of $7 billion in valid foreign exchange claims, boosting the country’s forex reserves.
The naira also stabilized at N1,500 to a dollar in the parallel market. Currency traders are advised to sell their dollar holdings as the naira is expected to continue appreciating, according to Bayo Onanuga, the Special Adviser on Information and Strategy.
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