The naira strengthened to N1,347/$1 at NAFEX, buoyed by improved FX supply, rising reserves and a decline in January inflation to 15.10 per cent.
The Nigerian naira appreciated by 0.56 per cent to N1,347.78/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, supported by improved foreign exchange liquidity, stronger external reserves and easing inflation data released by the National Bureau of Statistics (NBS). The currency also strengthened against the pound and euro in the official market, while remaining flat at the parallel market, as reserves rose to $47.81 billion and headline inflation slowed to 15.10 per cent in January, reinforcing expectations of a potential rate cut when the Central Bank of Nigeria Monetary Policy Committee meets next week.
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