Naira Rebounds, Ranks Among Best-performing African Currencies [Video]

A new report has ranked the naira on the list of the best-performing currency in the continent
According to investment firm Afrinvest, the naira’s value has increased by 21.4% since March, making it one of the best performer
The local currency last closed at N1,255.07/$1 at the Nigerian Autonomous Foreign Exchange Market window

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

African markets.com, a regional research hub, has named the naira Nigeria’s currency, the third best-performing currency on the continent.

Nigeria has seen a sharp increase in foreign investment from $1.6 billion in 2023 to $2.1 billion this year. Photo Credit: CBN, BDCSource: UGC

This is as the Central Bank of Nigeria’s (CBN) determined efforts have caused the naira to rise from its lowest level this year.

Increasing interest rates and selling dollars straight to foreign currency markets are two examples of these moves.

Based on information from the FMDQ’s website,the naira has risen …