Nigeria, Feb. 10 -- Data released by the Central Bank of Nigeria show the local currency closed at N1,354.9 per dollar, up from N1,384.5 on the same day last week. The action notes the naira's best performance since late May 2024 and represents a gain of almost N30 over the past week.

With market participants watching policy cues ahead of the Central Bank's 304th Monetary Policy Committee meeting set for later in February, The News Chronicle understands that the renewed strength is arriving at a delicate moment. Broader attempts to stabilize the economy include expected authorities reviewing foreign exchange stability and inflation trends.

While the official market recorded gains, the parallel market, where the naira traded at approxim...