Naira Strengthens To ₦1,452/$ As Foreign Investors Boost FX Supply
The Nigerian naira appreciated to ₦1,452 per U.S. dollar at the Nigerian Foreign Exchange Market (NFEM), due to increased inflows from foreign portfolio investors.
According to the Central Bank of Nigeria (CBN), the naira closed stronger after reaching an intraday high of ₦1,457 against the greenback. Market analysts attributed the appreciation to improved dollar supply and reduced demand pressure.
- The lowest intraday rate recorded during trading settled at ₦1,450/$1.
- The improved liquidity was driven primarily by inflows from foreign investors, exporters, non-bank corporates, and individuals.
Coronation Merchant Bank Limited reported that total inflows through the NFEM climbed to $1.37 billion last week, up 25% from $1.
Author's summary: Naira strengthens due to foreign investment.