Business
Naira Edges Up Against Dollar After Two Days of Decline
The naira strengthened slightly against the U.S. dollar at the official foreign exchange market on Wednesday, reversing two consecutive days of depreciation.
According to the Central Bank of Nigeria (CBN), the naira closed at N1,537.07 per dollar, up marginally from N1,537.61 on Tuesday—a daily gain of just N0.54.
In the parallel market, the naira held steady at N1,548 per dollar, the same rate as Tuesday, Bureau de Change operator Abubakar Alhasan in Wuse Zone 4 confirmed.
The modest recovery comes amid a slight increase in Nigeria’s external reserves, which rose to $41.22 billion on Tuesday, up from $41.19 billion on Monday, CBN data showed.
This follows a recent dip in the official market, where the naira traded at N1,536.42 and N1,537.61 per dollar on Monday and Tuesday, respectively.
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