By Atoyebi Nike
The naira traded at N1,550/$ in the parallel market on Sunday, while the Nigerian Foreign Exchange Market (NFEM) closed at N1,536.99/$, shrinking the gap between both markets to just N3.01.
The currency’s performance was boosted by stronger reserves, which CBN Governor Olayemi Cardoso said have reached a four-year high, enough to cover 10 months of imports. He credited ongoing forex reforms, rising domestic production, falling inflation, and easing commodity prices for the naira’s relative stability.
Meanwhile, global markets kept a close eye on the U.S. dollar after Fed Chair Jerome Powell signaled an end to rate hikes, raising prospects of gradual cuts. Traders await fresh U.S. inflation and GDP data this week to gauge the pace of easing.
