Naira appreciates in biggest recovery in months

The Naira on Friday appreciated in what is about biggest recovery for the currency in months.Within the last 48 hours, dollar crashes to N430, it was N520 before — and external reserves rise by $3.2bn. This is coming days after the Central Bank of Nigeria released new guidelines for access to foreign exchange. and released $500 million into the market.

From N520/$1, the Naira moved up to N430/$1 on Friday, a development that has not happened in several months. Analysts maintained that Naira is appreciating against Dollar and as long as the key drivers are systemic and sustainable, the Naira will continue to appreciate against dollar

 

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