The naira has strengthened to N1,365 against the US dollar, according to data from the Central Bank of Nigeria, gaining from N1,369 recorded the previous day.
The appreciation follows a broader decline in the US dollar, which is heading for its largest weekly loss since January, driven by easing geopolitical tensions and optimism over a ceasefire in the Gulf.
Market data shows the naira traded within a range of N1,351.5 to N1,365, while Nigeria’s external reserves declined slightly to 48.89 billion dollars from 49.18 billion dollars at the start of April.
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Analysts say further movement in the exchange rate will depend on ongoing diplomatic talks between the United States and Iran, as well as global oil supply trends.
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