The naira recorded a mild rebound against the United States dollar on Thursday at the official foreign exchange market, reflecting improved market sentiment.
Data from the Central Bank of Nigeria (CBN) showed that the naira appreciated to ₦1,419.28 per dollar, compared to ₦1,420.04 recorded on Wednesday, marking a ₦0.76 gain within 24 hours.
At the parallel market, however, the exchange rate remained unchanged, with the dollar selling at ₦1,490, according to Bureau De Change operators in Abuja.
The modest appreciation coincided with a further rise in Nigeria’s external reserves, which climbed to $45.82 billion as of January 14, up from $45.78 billion the previous day. Analysts say the stronger reserves position continues to support stability in the naira exchange rate amid ongoing monetary reforms.
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