Naira Hits Two-Year High Amid Rising Reserves and Improved Liquidity
The Nigerian naira has reached its strongest level in over two years after experiencing a steady recovery since mid-August. As of September 1, the currency closed at N1,329 per dollar, marking a gain of N6.50 from the previous day's rate of N1,335.50/$.
The latest exchange rate is the first time the naira has traded below N1,330 since May 29, 2024, when it closed at N1,329.65/$. The currency has been on a steady rise since August 14, moving from N1,358.25/$ to N1,343/$ on August 26, and further strengthening to N1,337/$ on August 28.
The naira also recorded gains against other major currencies, including the British pound and the euro. It strengthened by N5.42 against the pound to close at N1,800.18 per pound, while it gained N3.80 against the euro to close at N1,542.01.