The naira rallied to its strongest level in two years last week, buoyed by a weakening US dollar, rising oil prices, and the cumulative impact of ongoing economic and foreign exchange reforms by the Federal Government and the Central Bank of Nigeria (CBN).
The local currency strengthened to N1,396.99 per dollar in the official foreign exchange market on Thursday and further to N1,386.55 on Friday, marking its strongest performance since 2024. The rally reflects improving fundamentals across Nigeria’s external sector and renewed investor conf
