Nigeria, Oct. 13 -- Encouraged by consistent foreign flows that increased investor confidence and liquidity, the naira kept its gains last week throughout official and parallel foreign exchange markets.

While the parallel rate improved to about 1,490 per dollar, the local currency rose by 0.72 percent to close at 1,455.17 per dollar in the official market.



Rising oil profits, diaspora remittances, and renewed portfolio inflows have enabled Nigeria's foreign reserves to expand by 0.83 percent to $42.57 billion, giving the Central Bank of Nigeria (CBN) more room to stabilize the FX market.



While enhanced FX transaction transparency is helping restore market confidence, The News Chronicle learned that the CBN's recent liquidity infu...