The naira remained stable on Friday at the Nigerian Foreign Exchange Market (NFEM) closing at N1,502.50 per dollar......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
This is almost unchanged from the previous day’s N1,502/$1, according to data from the Central Bank of Nigeria (CBN).
Many analysts have stated that the Naira will continue to appreciate further into the future due to some steps taken by the Central Bank of Nigeria (CBN).
Stephen Osho, CEO of Comercio Partners Capital, attributed this optimism to several factors, including the clarity provided by the CBN regarding the clearance of foreign exchange (FX) backlogs.
He said, “This has been one of the challenges we’ve faced in terms of supply shortages”.
Osho noted that in recent times, there has been an increase in FX inflows, improving liquidity in the market.
He also pointed to the CBN’s focus on transparency, liquidity, and price discovery, all of which have contributed to this improvement.