Naira Breaks N1,400 Barrier, Tests N1,350 on Forex Inflow Surge
By Aboki Forex —
The naira has staged a strong recovery against the US dollar in the first half of May. It dropped significantly below the psychological mark of N1,400/$. The currency is now testing lower support levels around N1,350/$.
If NGN bulls maintain their momentum, the naira may strengthen below the N1,320/$ area. Traders are watching the next support zone closely.
Forex inflows spike on debt market demand
According to recent data, forex inflows from foreign investors, exporters, and oil companies have increased sharply. Market participants say attractive returns on the Nigerian debt market drew foreign investment. This boosted the supply of dollars and supported the naira.