The Nigerian Naira remained stable this week as foreign exchange (FX) dealers adjusted to a new official exchange rate, with the dollar now trading at ₦1,520. Meanwhile, Nigeria’s external reserves rose to $38.765 billion — a positive sign for the country’s economy.
This comes after recent efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market. Dealers say the market is slowly adjusting, with more transparent pricing and better dollar supply than in previous months. “We’re seeing fewer sharp fluctuations now, which is encouraging for business,” one currency trader told our reporter.
The FX reserves, which represent the country’s financial strength in foreign currency, increased by over $400 million in the past month. This rise is largely attributed to oil revenue, foreign investment inflows, and improved confidence in Nigeria’s economic direction.
For ordinary Nigerians, a stable Naira could lead to more predictable prices, especially for imported goods like electronics and fuel. While the Naira is still weaker compared to previous years, experts say holding it steady is a necessary step before it can grow stronger.
Analysts believe this is a sign that the CBN’s reforms are beginning to take effect. “It’s not a quick fix, but stability is a sign of progress,” said a financial analyst from Lagos.
As the government continues to work on reducing inflation and attracting foreign investors, many are hopeful that the worst of Nigeria’s currency crisis may be behind us.The Naira’s stability and the rise in foreign reserves signal cautious optimism for Nigeria’s economy. While challenges remain, this may be a turning point towards greater economic confidence and relief for Nigerians.
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