Naira Strengthens Against Dollar: Central Bank Policies Paying Off

The value of the naira has improved against the US dollar, now at N1,278.58 compared to N1,309.39 last week. This is the first time since January 26 that it’s below N1,300.

The Central Bank’s forex policies have contributed to this, resulting in a 21% gain for the naira since March.

These policies include changes in exchange rate systems, liberalization of the forex market, clearing of FX backlog for banks and airlines, and other reforms to improve liquidity and stability in the forex market.