Naira Holds Below N1,000/$ Despite Rising Reserves, Analysts Explain Stability Dynamics

New analysis explains why the naira has remained above the N1,000-per-dollar threshold despite Nigeria's external reserves reaching an 18-year high of $54 billion, pointing to Central Bank intervention strategy and FX market dynamics as stabilising factors. The naira also gained N13 in the latest trading session even as weekly FX turnover fell by $1.05 billion, raising questions about the liquidity sustainability underpinning the currency's recent strength.