Naira gains strength as dollar inflows rise, forex policies tighten, and speculation crackdown boosts investor confidence in Nigeria.
The naira rose to ₦1,535/$1 in the parallel market, up from ₦1,580/$1 earlier in July.
Experts say this is due to more dollar inflows, CBN reforms, and actions against currency hoarding and speculation.
Forex demand has dropped, while supply now exceeds it, helping stabilize the market.
With inflation easing and naira bonds performing well, the currency may keep gaining in the short term.
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