Naira Posts Strongest Gain Against Dollar as Reserves Climb to $41.24bn

The Naira recorded its strongest performance of the week on Thursday, posting its highest single-day gain against the dollar at the official foreign exchange market. Data from the Central Bank of Nigeria showed the currency appreciating to N1,535.47 per dollar, stronger than the N1,537.07 rate on Wednesday. This marks a gain of N1.6 per dollar, the sharpest improvement since Monday.

At the parallel market, however, the Naira held steady at N1,548 per dollar, unchanged from the previous day. The official market gain followed an earlier modest appreciation on Wednesday, when the currency strengthened by N0.54.

The upward movement comes amid a steady increase in Nigeria’s external reserves, which rose to $41.24 billion as of Wednesday, up from $41.22 billion the day before. Analysts view the reserve growth as a key factor providing support for the Naira’s performance in recent sessions.