Nigeria’s currency, the ₦aira staged a strong comeback on Friday, appreciating by 1.9% to close at ₦1,517.93 per Dollar in the official market.
The comeback of the ₦aira which had been on a steady decline since March 5, signaled a renewed optimism among traders and businesses that have been grappling with currency instability.
The Central Bank of Nigeria (CBN) reported that the ₦29.89 gained marks a crucial turnaround for the Nigerian economy.
This surge represents a sharp contrast to Thursday’s close of ₦1,547.82 per Dollar.
According to financial analysts, the rebound could be a response to recent monetary policies implemented by the apex bank to stabilise the foreign exchange market.
Concerns however still remain about whether the upward momentum can be sustained in the coming weeks.
Market watchers are now on edge—is this the beginning of a long-term Naira recovery, or just a momentary relief before another slump? Only time will tell.
