The Nigerian naira traded in the N1500 range against the U.S. dollar in the black market, showing signs of relative stability this June. The Central Bank of Nigeria has adopted measures such as interest rate hikes and dollar inflows to control inflation and maintain the local currency’s value.
These efforts, including support from multilateral donors, are projected to keep the naira steady at N1,450 against the dollar by year-end. This stability bodes well for the Nigerian economy, despite the continued strong performance of the U.S. dollar index in the global market.
