The naira on Tuesday recorded its first appreciation against the US dollar across both the official and parallel foreign exchange markets. According to data from the Central Bank of Nigeria, the currency strengthened to ₦1,445.39/$1, improving from ₦1,448.44/$1 on Monday — a gain of ₦3.05.
In the parallel market, the naira also appreciated by ₦5, closing at ₦1,470/$1, compared to Monday’s ₦1,475. Bureau de Change operators in Abuja confirmed the uptick in demand and improved market confidence.
The development follows a steady rise in Nigeria’s foreign reserves, which climbed to $44.67 billion as of November 28. This appreciation marks the naira’s first positive movement since November 26, offering a brief relief amid recent volatility in the FX market.
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