Naira Faces Renewed Pressure Despite Increased Foreign Currency Inflows

• Naira trades at N1508.453 to the dollar amid ongoing volatility
• Central Bank reforms lead to temporary rise in foreign currency inflows, but sustainability is questioned

Lagos, Nigeria – The Nigerian naira has come under renewed pressure, trading at N1508.453 to the dollar on Thursday, according to figures on the Central Bank of Nigeria (CBN). The naira also traded at N1,510 on the parallel market, also known as the black market. The currency has held above these rates for several weeks.