Naira Strengthens as Nigeria's Reserves Exceed $50 Billion

The Naira has gained strength as Nigeria's foreign reserves have exceeded $50 billion, marking the highest level since January 2009, according to data from the Central Bank of Nigeria (CBN). On Wednesday, the official exchange rate appreciated by 2%, reaching N1376.19 per dollar, up from N1401 the previous day.

This improvement in the official foreign exchange market reflects enhanced liquidity and sentiment regarding the currency. The intra-day low was recorded at N1373, with a high of N1388 per dollar.

In the parallel market, the Naira climbed to N1393, indicating a positive shift in currency sentiment across regulated segments of the foreign exchange market. The increase in foreign reserves is significant as it demonstrates Nigeria's economic stability amidst global market fluctuations, including the mixed performance of the US dollar and oil prices.