Through the new forex system, EFEMS, the naira has appreciated considerably on the official and parallel forex markets.
Naira appreciation
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Despite the Naira’s recent appreciation, prices in Nigeria continue to rise, defying expectations. Economists predict a slow transition to lower market prices.
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The naira witnessed notable gains across FX markets following the CBN’s strategic decision to sell dollars to BDCs, aiming to stabilize Nigeria’s currency value.
