On February 27, 2025, the Naira appreciated to N1,492.49 against a Dollar, marking a 0.44% increase. Analysts praise CBN reforms but caution that sustained appreciation requires increased production. FX reserves declined by $241.50 million, contributing to expectations of CBN intervention during volatility.
The Naira has strengthened against the US Dollar in the official market, trading at N1,492.49 on Friday, reflecting an appreciation of N6.57 or a 0.44 percent increase since the previous trading day. This positive trend follows the implementation of reforms by the Central Bank of Nigeria (CBN) aimed at enhancing transparency in the Foreign Exchange market. Experts note the relative stability of the Naira since December 2024 as a commendable achievement.
The recent appreciation of the Naira against the Dollar signifies a positive response to the CBN’s reforms, yet experts advise caution. The need for increased production to sustain this growth remains critical. Furthermore, analysts anticipate that ongoing CBN interventions may help maintain the Naira’s stability amid fluctuating foreign exchange reserves.
Original Source: nannews.ng
