Market News
Naira hits seven-month high on $4.1bn reserves boost - BUSINESSDAY
...As oil inflows record positive impact on FX reserves The naira recorded its strongest gain in seven months on Wednesday, buoyed by robust foreign reserves that saw a $4.1 billion rise between July and August.
Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM).
The naira previously reached this mark on March 5, 2025, when it closed at N1, 500.80/$. The naira has continued to enjoy rare stability, driven b...As oil inflows record positive impact on FX reserves.
The naira recorded its strongest gain in seven months on Wednesday, buoyed by robust foreign reserves that saw a $4.1 billion rise between July and August. Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). The naira previously reached this mark on March 5, 2025, when it closed at N1, 500.80/$.
