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Naira Appreciates! Now 386/Dollar

The naira has appreciated to 386 against the United States dollar as the Central Bank of Nigeria continues to supply dollars into the foreign exchange market.

The local unit closed at 386/dollar on Friday, having closed at 390/dollar daily in the past one week.
The CBN had supplied over $380m into the forex market a week ago.

According to financial and currency experts, the naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.

The naira firmed to about 305.60 to the dollar on the interbank market on Friday, up from 305.1/dollar on Thursday.

The Global Economist, Renaissance Capital, Charles Robertson, described the official rate of the naira as a “fair value”, suggesting that the value might need to be weaker to attract foreign investors into the country.

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