- The Nigerian naira has reached its strongest level this year in the unofficial market, quoted at N1,520/$ amid CBN reforms
- Analysts credit the naira’s strength to CBN’s foreign exchange sales and a decrease in demand for foreign currency
The Nigerian naira has reached its strongest level in the unofficial market this year, driven by improved market fundamentals and ongoing reforms by the Central Bank of Nigeria (CBN).
As of early Tuesday in Lagos, the naira was quoted at N1,520/$ in the black market.
Analysts attribute this development to the CBN’s foreign exchange sales to Bureau De Change (BDC) operators and a decline in FX demand.