The Naira experienced a decline in value on Friday, trading at ₦1,483.99 to the US dollar, down by ₦2.50 from the previous day, representing a 0.16% decrease. Despite the drop, trading volume increased significantly, reaching $269.27 million compared to $213.31 million on Thursday.
At the Investor’s and Exporter’s window, the Naira fluctuated between ₦1,507.00 and ₦1,399.00 against the dollar. The Central Bank of Nigeria (CBN) continues to employ various tools to influence the Naira’s value, including adjusting interest rates and direct foreign exchange interventions.
The CBN’s strategies aim to manage the money supply and stabilize the exchange rate, although these measures can be costly and are often used for short-term impacts. Maintaining a target exchange rate band helps ensure stability and predictability for businesses and investors.
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