Naira strengthens to N1,548/€ against Euro amid improved FX liquidity
The Euro-to-Naira exchange rate has remained relatively stable within the range of N1,548/€ amid the strengthening of the Naira. The post Naira strengthens to N1,548/€ against Euro amid improved FX liquidity appeared first on Nairametrics .
The Euro-to-Naira exchange rate has remained stable around N1,548 per Euro, as the Nigerian Naira strengthened. This has led to a reduction in arbitrage opportunities in the parallel market, prompting more transactions through official channels like NAFEM. The premium negatively impacting the Nigerian currency against major currencies such as the Euro and US Dollar has diminished.
Nigeria's gross external reserves have reached $54 billion, the highest level since December 2008, providing the Central Bank of Nigeria (CBN) with significant monetary leverage. This reserve accumulation has enhanced the CBN's ability to manage the foreign exchange market effectively, increasing liquidity and supporting legitimate corporate and retail demand for foreign exchange.
The Euro, currently at approximately $1.16 against the US Dollar, showed stability in its trading range between $1.1566 and $1.1641 for the third consecutive week. The upcoming US CPI release is expected to provide clarity on market direction.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
