Nigeria, Dec. 4 -- Despite improving fundamentals in the country's foreign exchange market, the Nigerian naira remained relatively stable on the unofficial market on Wednesday, bouncing about N1,750/$.

Even after a hawkish central bank recently boosted interest rates, the Nigerian naira is still under considerable selling pressure in the country's unstable foreign exchange market.

Price movement indicates that short sellers hold a tight grip over the N1,725 support line in the unofficial market.

Sturdy Foundations in Nigeria's Exchange Market

Despite the CBN's foreign exchange reserves reaching multi-month highs, the Naira is underperforming this year. The CBN's reserves topped $40 billion for the first time in 32 months.

Despite Nig...