Nigeria’s naira strengthened on Monday, trading at N1,497 per dollar, following increased foreign exchange inflows and improved external reserves. Market dealers attributed the development to sustained interventions by the Central Bank of Nigeria (CBN) and rising investor confidence.

The boost in reserves, coupled with steady dollar inflows from exports and remittances, eased pressure on the local currency in the official market. Analysts say the naira’s rebound signals renewed stability in the FX market, though they cautioned that structural reforms remain essential to maintain long-term gains.

Traders noted that the CBN’s tightening of speculative activities and enforcement of FX guidelines also contributed to curbing volatility. Market watchers expect the currency to sustain momentum if inflows remain consistent and fiscal policies align with monetary efforts.