Naira rose against the US dollar in the foreign exchange (FX) market to settle at N1,499 in the official window yesterday.

The local currency rallied as forex market supply remained sufficient to meet aggregate demand from eligible FX users in the official window.

FX inflows fell by 46% in the forex market last week, and the Naira has remained steady with minimal fluctuations which suggests low demand pressure. Analysts said FX trading has been enhanced by a transparency, liquidity and foreign investors’ confidence. According to information obtained from the FMDQ platform, Naira appreciated by 0.16%, closing at N1,499.08 per dollar. The Central Bank of Nigeria (CBN) remain focuses on FX market price discovery, and has deployed aggressive US dollar sales to banks to strengthen market supply.

https://thenationonlineng.net/naira-appreciates-to-n1499/