Nigeria, May 21 -- The Nigerian naira has been slowly rising in recent times, modestly rising to 1,625 against the dollar in the parallel market from yesterday's previous rate of 1,627.

Officially, though, the naira traded at 1,588.50 against the dollar, showing a modest but significant change in currency movement.

This appreciation is the second day of two consecutive parallel market appreciations, a vote of cautious optimism by traders and investors. It follows concerted monetary and fiscal reforms introduced to stabilize the currency and strengthen economic confidence.

During the 300th CBN Monetary Policy Committee (MPC), Governor Olayemi Cardoso noted a precipitous fall in foreign exchange volatility to under 0.5 percent compared t...