Naira Gains N0.82 to Close at N1,330.87/$ as Reserves Hit $54.98bn

The naira appreciated against the United States dollar at the official foreign exchange market on Tuesday, rising to N1,330.87 per dollar from N1,331.69 on Monday. Central Bank of Nigeria data showed the currency gained N0.82 day on day.

It was the naira’s first gain this week at the official market. The parallel market rate remained unchanged at N1,370 per dollar on Tuesday, the same level recorded the previous day.

Official market movement

CBN data showed the naira strengthened on Tuesday after closing negative on Monday and Friday last week. The official rate moved from N1,331.69 per dollar on Monday to N1,330.87 per dollar on Tuesday. On a day-to-day basis, the naira gained N0.82 against the dollar.

Parallel market holds

At the parallel market, the naira was unchanged at N1,370 per dollar on Tuesday. That was the same rate recorded on the previous day.

External reserves rise

The movement in the Nigerian foreign exchange markets came as the country’s external reserves surged further to $54.98 billion.

The official market closed at N1,330.87 per dollar, while the parallel market closed at N1,370 per dollar. The naira’s first official market gain this week came after negative closes on Monday and Friday last week.