Naira's Surge Against the US Dollar and the Factors Behind It.

 The value of the naira against the US dollar increased to N1,278.58 from N1,309.39 on Thursday, March 28 of previous week.

The Nigerian Autonomous Foreign Exchange Market's indicative exchange rate closed below the N1,300 ceiling for the first time since January 26 of this year, according to statistics from FMDQ Securities.

The naira has increased by more than 21% versus the dollar since the central bank introduced a variety of FX regulations in March.

Many of the CBN's current measures have been credited with increasing liquidity in the forex market.

Unification of exchange rate windows, liberalization of the foreign exchange market, elimination of banks' and airlines' FX backlog obligations, establishment of a Price Verification System, limitations on banks' Net Open Position, elimination of the daily cap of N2 billion on remunerable Standing Deposit Facility, and reorganisation of the Bureau De Change division are some of the major reforms.