The naira strengthened to a four-month high of ₦1,526 to the US dollar on Wednesday at the official foreign exchange market, buoyed by sustained dollar inflows from foreign portfolio investors.
This is the highest level since 14 March, when the naira traded at ₦1,517. Central Bank data shows a 0.2% appreciation from the previous day’s ₦1,529.
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Gains were also recorded in the parallel market, where the naira closed at ₦1,557 to the dollar—improving slightly from Tuesday’s ₦1,560.
Analysts say investor confidence is being restored, with FPIs now the leading source of foreign exchange inflows.
FSDH Merchant Bank credits the naira’s steady recovery and narrowing market gaps to a firmer CBN policy stance that has discouraged speculation and eased pressure on FX demand.
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