Naira Gains N1.03 at Official Market, Black Market Rate Unchanged at N1,400

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The naira strengthened further against the dollar at the official foreign exchange market on Thursday.

Data from the Central Bank of Nigeria (CBN) showed that the naira appreciated to N1,372.31 against the dollar on Thursday. This was up from N1,373.34 recorded previously. The naira gained N1.03 against the dollar on a day-to-day basis.

At the black market, the naira remained flat at N1,400 per dollar on Thursday. This was the same rate recorded on Wednesday.

The development comes as the country’s external reserves stood at $48.72 billion, according to the apex bank. The naira strengthened marginally against the dollar on Wednesday.

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