Nigeria, May 7 -- Having increased by over N10 in days, the local currency ended at N1,357 per dollar, bettering the N1,375.5 rate reported early in May. The most recent performance is indicative of the regained trust in the market, aided by the increased demand for the naira and the continuous intervention operations carried out by the Central Bank of Nigeria.



The News Chronicle reports that the naira's recent stability is also being helped by rising foreign exchange market activity, as investors and companies react more vigorously to daily economic indicators rather than depending on long-term speculation.



Analysts think the local currency stays strong because interest rates are high and investors are buying a lot of treasury b...