Naira extends gain, official rate closes at N1,347.53 per dollar
By Aboki Forex —
The naira extended its appreciation against the dollar at the official foreign exchange market on Wednesday. Central Bank of Nigeria data showed the naira strengthened to N1,347.53 per dollar, up from N1,352.87 on Tuesday.
That means the naira gained N5.34 against the dollar on a day-to-day basis at the official market.
Official market
The CBN data put the official rate at N1,347.53 per dollar on Wednesday. The previous day, Tuesday, the rate stood at N1,352.87 per dollar.
The naira has appreciated against the dollar at the official market over the past two days.
Black market
At the black market, the naira appreciated by N5 to N1,380 per dollar on Wednesday. It traded at N1,385 per dollar the previous day.
Foreign reserves
The country's foreign reserves stood at $55.26 billion on Tuesday, according to data from the apex bank.
The figures leave the naira stronger at both the official and black markets on Wednesday.
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