MON SEPT 15 2025-theGBJournal| The naira sustained its rally on Wednesday, closing at N1,498.50 to the United States dollar at the official Nigerian Foreign Exchange Market.
This marked a significant milestone as the local currency traded below the N1,500/$ threshold for the second consecutive day.
Data from the Central Bank of Nigeria (CBN) last week shows that the naira fluctuated between N1,498/$ and N1,507/$ during the trading session, continuing the positive trajectory that began in early September when it opened at N1,526.09/$.
The last time the naira traded well below N1,500 was in December, 2023, when it traded at N1,200-N1,230 per US$, underscoring the importance of this latest development in stabilizing the currency.
Analysts attributes the rally to a combination of stronger demand for the naira, reduced speculative trading, and improved foreign reserves.
They expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.
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