The naira appreciated and stayed below the 1,500/$ threshold for 10 consecutive trading sessions at the official market, data from the Central Bank of Nigeria can indicate.
The domestic currency had traded below the N1,500/$ threshold for the first time in over six months on September 15, when it closed trading at 1,497/$. Since then, the naira has strengthened and closed Friday’s trading at 1,480/$.
At the parallel market, the currency had recorded some positive sentiments too, as it appreciated 0.13 per cent to an average of 1,510/$.
Over the past week, external reserves added another layer of support, rising to $42.23bn from $42.03bn, a 0.47 per cent appreciation which analysts said enhanced the apex bank’s ability to manage supply-demand gaps and bolsters confidence in the naira’s near-term stability.