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The Nigerian currency, Naira, has appreciated by ₦4.59 against the US dollar, closing at ₦1,586.15 at the official foreign exchange market.
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The Naira recorded a 0.28% gain, indicating a slight but consistent upward trend, attributed to policy consistency and improved liquidity in the official foreign exchange market.
The Nigerian Naira has appreciated by ₦4.59 against the US dollar, closing at ₦1,586.15 at the official foreign exchange market.
This gain is attributed to policy consistency and improved liquidity in the market, with financial analysts praising the Central Bank’s interventions and fiscal support measures.
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The Naira’s appreciation is a welcome development for the Nigerian economy, with experts attributing the gain to improved investor sentiment and better market efficiency.
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The Centre for the Promotion of Private Enterprise (CPPE) notes that the FX reforms have had significant effects on the broader economy, promoting transparency and efficiency in the market.
Market observers believe the Naira’s appreciation is a result of the current administration’s economic strategy, including liberalization of the FX market and unification policies.
However, they caution that maintaining macroeconomic stability and curbing inflation are essential to preserving the gains recorded so far.
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