Naira experiences slight appreciation at interbank market

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Naira Experiences Slight Appreciation at Interbank Market

The Nigerian naira has recorded a slight appreciation at the interbank market, a development that has been hailed as a positive sign for the country's economy.

According to data from the FMDQ OTC Securities Exchange, the naira appreciated by 0.15% to close at N362.25 per dollar on Friday, up from N362.50 per dollar the previous day.

The appreciation is seen as a result of increased demand for the naira from foreign investors, who are attracted to the country's high-yielding bonds and stocks. The naira has been under pressure in recent months due to a decline in oil prices and a widening trade deficit, which has led to a depletion of the country's foreign exchange reserves.

However, the slight appreciation at the interbank market is seen as a positive sign that the country's economic fundamentals are improving. The Central Bank of Nigeria (CBN) has been implementing measures to stabilize the foreign exchange market, including the introduction of a new foreign exchange window and the injection of more dollars into the market.

The CBN has also been working to improve the country's foreign exchange reserves, which have been declining in recent months. The reserves stood at $43.4 billion at the end of January, down from $45.4 billion at the end of December.

The slight appreciation of the naira is expected to have a positive impact on the country's economy, particularly on importers and exporters. It is also expected to boost investor confidence in the country's economy, which has been hit by a decline in oil prices and a widening trade deficit.

In a statement, the CBN said it was pleased with the development and would continue to work to stabilize the foreign exchange market and improve the country's foreign exchange reserves.

"We are pleased with the slight appreciation of the naira at the interbank market, which is a positive sign for the country's economy," said a CBN spokesperson. "We will continue to work to stabilize the foreign exchange market and improve the country's foreign exchange reserves, which are critical for the country's economic growth and development."