The naira traded below ₦1,600 in the parallel market on Wednesday, buoyed by forex interventions from the Central Bank of Nigeria (CBN).
Market reports showed the currency closed at ₦1,590/\$1 on Wednesday, improving from ₦1,595-₦1,600/$ recorded on Tuesday.
In the Nigerian Foreign Exchange Market (NFEM), the naira strengthened further to ₦1,549/$, with official CBN data indicating a slight appreciation from ₦1,550/$ to ₦1,549/$.
Analysts attribute this stability to the apex bank’s forex interventions, macroeconomic policy adjustments, and measures to attract foreign capital inflows, which are expected to maintain the naira’s exchange rate in the midterm.
By Thursday morning, the naira was trading at approximately ₦1,560/\$1 as of 10:20 AM WAT.
Economic reform initiatives have been credited with boosting foreign investor confidence and improving perceptions of the Nigerian capital market.