Nigeria: CBN – Naira Rallies, Reserves Rise to $41.66b As Reforms Gain Spread

[Daily Trust] The naira sustained its rally last week, closing at N1,500/$1 at the official Nigerian Foreign Exchange Market. The naira rebound is being driven by a combination of stronger demand for the naira, reduced speculative trading, and rising foreign reserves now at $41.66 billion on September 11. Analysts insist that the Forex reforms instituted by the Olayemi Cardoso-led Central Bank of Nigeria (CBN) are stabilizing the exchange rates and improving overall health of the economy.

Original URL: Click here to visit original article