NGN → USD Rates NFEM (Official) Rate Official Market: Parallel Market: Market Drivers and Outlook Several factors are influencing the current strength of the local currency:​Increased Reserves: The optimistic outlook for Nigeria’s external reserves is providing a psychological cushion for the Naira. Refinery Impact: The expansion of domestic refining capacity, particularly from the Dangote Refinery, has started to reduce the heavy demand for foreign exchange previously required for fuel imports. Monetary Policy Stability: Investors are reacting positively to the CBN’s “Consolidating Macroeconomic Stability” framework, which targets a reduction in headline inflation to roughly 12.94% by the end of the year....