Oddbean

$23.29bn: Naira against dollar hits new trend as CBN intervened in FX market ========== The Central Bank of Nigeria (CBN) has seen a surge in forex turnover at the official foreign currency market, reaching $23.29 billion in less than six months. The value of the naira against the US dollar fluctuated between N980 and N1,500 between January and June. The stability of the naira is attributed to low demand and increased dollar inflows, which have reinforced the foreign reserves. The CBN implemented several reforms to increase liquidity in the forex market, including unifying exchange rate windows, liberalizing the foreign exchange market, and addressing excessive speculation and hoarding by Nigerian banks. Financial analysts predict that the naira could see a boost in the coming weeks due to the federal government's plan to utilize a $2.25 billion loan granted to Nigeria for economic reforms. The loan is intended to bolster revenue and address the cost-of-living crisis. #Naira #ForexMarket #CentralBankOfNigeria #Dollar #ForeignReserves https://www.legit.ng/business-economy/money/1598840-between-n980-n1500-cbns-intervention-sets-trend-naira-dollar/