Naira Steadies at ₦1,364/$ on Back of CBN FX Reforms

The naira closed the first trading week of May at ₦1,364/$ in the official market, showing reduced volatility and growing investor confidence in recent CBN foreign exchange reforms. Weekly FX data highlight a gain of about ₦19 against the dollar over two weeks, with the naira trading within a narrow band. External reserves dipped marginally to $48.33 billion, reflecting modest intervention by the apex bank. All eyes are now on the CBN’s 305th Monetary Policy Committee meeting later this month. Analysts say sustained gains will depend on continued policy discipline, improved FX liquidity and stronger non-oil dollar inflows.

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