Nigeria, May 11 -- The local currency has steadily gained in the first half of May, with trades significantly below the N1,400/$ threshold that prevailed in the market in earlier months. Experts believe the naira's latest surge has been boosted by increased foreign exchange inflows from exporters, oil corporations, and offshore investors capitalising on appealing returns in Nigeria's debt market.

The News Chronicle reports that the difference between the official exchange rate and the parallel market has also decreased in recent weeks, a development many businesses interpret as a good indicator for market stability. Street market rates fluctuated around N1,404/$ even as the formal market traded at roughly N1,356/$.

Financial analysts p...