Nigeria’s currency, the naira, has recorded a second consecutive day of improvement against the United States dollar in the official foreign exchange market. This positive movement suggests a slight return of confidence and improved liquidity in the forex space.

Market watchers say the appreciation is linked to increased dollar supply and recent monetary policies aimed at stabilising the exchange rate. The Central Bank’s efforts to clear forex backlogs and encourage foreign inflows are also believed to be supporting the naira.

Traders reported that the naira gained value both at the official window and in parts of the parallel market, easing pressure on businesses that rely heavily on imported goods and services. This has offered some relief to consumers facing rising prices.

Despite the gains, experts advise caution, noting that sustained stability will depend on consistent reforms, stronger exports, and improved investor confidence. They say continued discipline in fiscal and monetary management is key to keeping the naira on a positive path.