Naira Strengthens Further Against US Dollar Amid Rising External Reserves

The naira continued its appreciation against the United States dollar at the official foreign exchange market on Tuesday. Data from the Central Bank of Nigeria showed that the naira strengthened to N1,463.45 per dollar, up from N1,465.29 on Monday, marking a daily gain of N1.8 at the official market.

At the black market, the naira held steady at N1,500 per dollar, unchanged from the previous day. The currency’s positive performance coincides with a rise in Nigeria’s external reserves, which reached $42.79 billion as of October 20, up from $42.69 billion on October 17, according to the central bank.

The naira had already started the week with a notable gain against the dollar at the official exchange rate on Monday, signaling continued strength in the local currency.