Nigeria, May 4 -- Data from the Central Bank of Nigeria shows the currency closed the month at N1,374 per dollar, improving from N1,387 recorded in March.

The performance indicates a change in market sentiment following months of instability, with the naira trading within a narrower range and exhibiting fewer fluctuations than earlier in the year. Analysts say that better liquidity and more balanced demand contributed to the recovery.

Stronger foreign currency inflows, including oil-related revenue and diaspora remittances, helped to relieve strain on the currency; lowered speculative demand also contributed to the stability seen across April, as noted by the News Chronicle.

The naira traded at roughly N1,341 at its peak this month, s...