Nigeria’s naira is expected to edge higher against the U.S. dollar in the coming days, supported by dollar interventions from the Central Bank of Nigeria (CBN) and improving foreign reserves, according to traders.
The local currency was quoted at around ₦1,478 per dollar on the official market on Thursday, compared to ₦1,485 a week earlier.
In parallel street trading, the naira exchanged at ₦1,485 to the dollar, reflecting subdued foreign currency demand in both markets.
Traders noted that easier funding conditions are easing liquidity pressure, while rising external reserves are providing the central bank with room to sustain its interventions. These factors are expected to support a modest recovery in the naira’s value.
The outlook suggests that the local currency may continue to benefit from CBN’s policy measures aimed at stabilising the foreign exchange market and maintaining investor confidence.
