Business
Naira Gains Slightly Against Dollar as Reserves Rise to $41.57 Billion
The naira extended its appreciation against the dollar on Tuesday at the official foreign exchange market, supported by a rise in Nigeria’s external reserves. Data from the Central Bank of Nigeria showed the currency trading at N1,506.09 to the dollar, slightly stronger than Monday’s rate of N1,506.84. This represents a marginal gain of 75 kobo in day-to-day trading.
In the parallel market, the exchange rate held steady at N1,530 per dollar, unchanged from Monday’s level. The development comes as the country’s external reserves climbed to $41.57 billion on September 8, up from $41.54 billion recorded on September 4.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria on Tuesday, CBN Governor Olayemi Cardoso said the country is targeting $1 billion in diaspora reserves by 2026, underscoring efforts to strengthen foreign exchange inflows and bolster currency stability.
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