The Naira firmed up marginally by N0.95, per cent on a day-to-day basis after days of depreciation.
By Kehinde Okeowo
After days of depreciation, Nigeria’s currency, the Naira, recorded its first appreciation against the dollar at the official foreign exchange market on Thursday.
According to the Central Bank of Nigeria (CBN), the naira strengthened slightly to N1,535.78 against the dollar from N1,536.73 traded on Wednesday.
The development means that the country’s legal tender firmed up marginally by N0.95, or 0.062 per cent, on a day-to-day basis.
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This is the first time Naira will appreciate since last week Friday, August 15.
At the black market, however, the Naira remained stable at N1,550 per dollar on Thursday, the same exchange rate recorded the previous day.
This comes as the country’s external reserves further rose to $41.05 billion mark as of Wednesday, August 20, up from $38.25 billion recorded on the 21st of last month.
