Nigeria’s naira strengthens further on central bank interventions and improved dollar liquidity in official markets.
Nigeria’s naira continued its upward trend, trading at 1,450 per USD in official markets, extending a 12% gain over the past two weeks. The central bank’s dollar sales to local lenders and stricter enforcement of FX rules have bolstered liquidity and reduced parallel market premiums.
Prior to the rally, the naira had depreciated to record lows near 1,900 per USD in February amid dollar shortages. Analysts attribute the recent gains to increased transparency in FX allocations and higher remittance inflows.
Traders expect further appreciation if the central bank sustains interventions, though volatility remains a risk due to lingering supply constraints.