Nigeria, July 16 -- Nigerian naira continued to rule supreme this week, touching a four-month high against the United States dollar and ending the week at N1,518 per dollar on the official Nigerian Foreign Exchange Market. This is its highest since March and reflects growing confidence in Nigeria's monetary policy management and currency stability.

The Central Bank of Nigeria (CBN) announced that the exchange rate closed on Monday at N1,518 per dollar, lower below the pivotal N1,520 level for the first time in months. The naira is said to be now ready to test and even slide beneath the N1,500 point if the trend holds.

Several factors are driving the naira appreciation. In the first place, recent CBN interventions in the forex market, i....