The naira oscillated around the N1570-1575/$ range at the black market in the early hours of Saturday in Nigeria’s business capital.
Increased market confidence has resulted from the Central Bank of Nigeria’s (CBN) reforms, aimed at closing gaps and boosting foreign inflows.
The outlook is still mixed, even though the government has taken steps to maintain a robust supply side by selling U.S. dollars to Nigerian banks and granting informal currency traders access to foreign exchange at the official rate.