The naira oscillated below the N1550/$ bandwidth at the unofficial market amid firm interest in the U.S. dollar index.
Present market action suggests that, despite elevated growth in the CBN’s FX holdings, the Nigerian naira cannot breach the $1,200 resistance line amid a fragile FX market.
Crude oil production, the nation’s main source of income, remains low and stagnant, indicating that the CBN’s recent attempts to stabilize the volatile market were insufficient to alter the naira’s downward trend.