Table of Contents
- Naira Appreciation Against the Dollar
- Central Bank Data
- Black Market Performance
- External Reserves Update
The naira experienced two consecutive gains against the United States dollar in the official foreign exchange market on Tuesday.
Data from the Central Bank of Nigeria indicated that the naira further strengthened to N1,449.99 against the dollar on Tuesday, an improvement from N1,456.56 traded on Monday.
This marks a daily increase of N6.67 against the dollar.
According to DAILY POST, the naira has achieved a total gain of 14.50 points over the last two days, reversing losses incurred in the previous week in the official FX market.
In the black market, the naira also appreciated by N10, closing at N1,490 against the dollar on Tuesday, compared to N1,500 the day before.
This positive trend coincides with the rise in the country’s external reserves, which increased to $45.23 billion on Monday, up from $45.22 billion.
Frequently Asked Questions
What is the current exchange rate of the naira against the dollar?
As of Tuesday, the naira is trading at N1,449.99 against the US dollar in the official market.
How has the naira performed in the black market?
In the black market, the naira appreciated by N10, ending at N1,490 against the dollar.
What is the latest update on Nigeria's external reserves?
Nigeria's external reserves rose to $45.23 billion on Monday, increasing from $45.22 billion.
Eze Chidiebere Paul
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