The naira strengthened at the official window in the past week to N1,547 per $ from N1,549 per $, supported by intervention from the central bank of Nigeria, which injected dollars into the market to ease corporate demand pressures.
Analysts also eluded the development to the resilience of the naira to foreign exchange inflows from foreign portfolio investors. Cordros capital limited, in an investor’s note, revealed that FPIS brought in dollars to participate in the open market operation auction by the CBN.
