The naira within hours appreciated by N166 to the dollar in the P2P market, as currency traders re-evaluate their strategies, NairaMetrics is reporting.

The naira peaked at N1279/$ on Thursday evening but settled at N1113/$ as of this writing. Feelers across markets suggest the gains may be due to a lack of buyers as very few people are inclined to pay around N1300/$ sensing a potential strengthening of the local currency.

Finance Minister Wale Edun also stated that the country was set to receive $10 billion in foreign currency inflows over the next several weeks to help improve liquidity in the foreign exchange market, which has stifled growth in Africa’s largest economy.

The minister of finance added that President Tinubu signed two executive orders permitting the issuance of domestic financial instruments denominated in foreign currencies as well as the transfer of all cash outside the banking system into banks.