The Naira appreciated on Thursday’s opening session in the Nigerian Foreign Exchange Market (NFEM), trading at approximately N1,344.20 per Dollar.
Real-time data as of 7:00 AM WAT showed the currency maintaining a stable range, hitting an early high of N1,343.83 before settling near the N1,344 mark.
Analysts attributed the positive movement to improved foreign currency inflows and the Central Bank of Nigeria’s consistent efforts to clear the backlog of foreign exchange demands.
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Financial experts suggest that the current market sentiment is optimistic, bolstered by recent economic reforms aimed at stabilising the local currency.
However, they remain cautious, noting that the demand for the Dollar for international education, travel, and seasonal imports remains a key variable for the remainder of the month.
