The Nigerian naira has reached a four-month high against the US dollar, closing at N1,518/$ on the Nigerian Foreign Exchange Market.
This is the naira’s strongest level since March, with the currency now poised to potentially break the psychological N1,500/$ level.
The Central Bank of Nigeria’s direct involvement, including a $50 million sale and a successful OMO auction, has drawn interest from international investors.
Nigerian banks have also lifted the moratorium on using naira-funded debit cards for international transactions, citing improved dollar liquidity.
Major banks such as UBA, FirstBank, GTBank, and Wema Bank have announced the resumption of international transactions on naira debit cards.
With robust foreign portfolio inflows and ongoing dollar liquidity from CBN interventions, exchange rate pressures are likely to remain contained in the long term.
