The Nigerian Naira continues to strengthen against the US dollar, with the exchange rate rising to 1418.26 Naira per USD. So far this year, the Naira has appreciated nearly 1.5%, compared to an expected increase of 7.40% by 2025. This rally is supported by Nigeria's foreign exchange reserves reaching $45.62 billion in early January. The US Dollar Index (DXY) shows that the dollar has depreciated by 9% over the past year. Government policies, including accepting Naira payments for oil transactions, have boosted the local currency's exchange rate, significantly increasing investor confidence. However, some refiners oppose this move due to concerns about income impact.
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The Nigerian Naira continues to strengthen against the US dollar, with the exchange rate rising to 1418.26 Naira per USD. So far this year, the Naira has appreciated nearly 1.5%, compared to an expected increase of 7.40% by 2025. This rally is supported by Nigeria's foreign exchange reserves reaching $45.62 billion in early January. The US Dollar Index (DXY) shows that the dollar has depreciated by 9% over the past year. Government policies, including accepting Naira payments for oil transactions, have boosted the local currency's exchange rate, significantly increasing investor confidence. However, some refiners oppose this move due to concerns about income impact.