Nigeria’s currency, the naira, has recorded its first notable appreciation against the United States dollar in recent weeks across segments of the foreign exchange market.

Data from currency traders indicated that the naira gained marginally following improved dollar supply and policy measures aimed at stabilising the exchange rate.

Financial analysts say the appreciation may be linked to recent reforms by the Central Bank of Nigeria aimed at boosting liquidity and improving transparency in the foreign exchange market.

Economic observers, however, noted that sustained stability would depend on continued inflows of foreign currency and broader economic reforms.

They added that the development could help moderate inflationary pressures if the trend is maintained over time.