Naira Strengthens Ahead of U.S. Inflation Data Amid Dollar Index Decline
Naira strengthens to N1,580/$1 as the Central Bank intervenes ahead of U.S. inflation data and presidential debate.
The Nigerian naira showed signs of recovery as it gained strength against the U.S. dollar ahead of the U.S. inflation data release and the upcoming televised U.S. presidential debate.
According to NAFEM data, the naira appreciated to N1,580/$1 on Monday, improving from N1,593/$1 at the end of the previous week.
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The Central Bank of Nigeria (CBN) resumed selling U.S. dollars to local FX dealers in response to the naira falling below the N1,600 support line, driven by increased demand for the dollar for imports, tuition, travel, and business transactions.
The CBN has issued guidelines for registered forex dealers, mandating a 1 percent markup on the purchase price and specifying application locations.
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