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Naira appreciates against US dollar amidst increase in external reserves

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Factual Pursuit of Truth for Progress

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The Naira appreciated against the US dollar to close at N414.73/$1, representing a 0.02% gain compared to N414.8/$1 recorded in the previous trading sessions even as Nigeria’s external reserve increased by $69 million.

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Forex turnover at the official market dropped by 37.4% to $139.67 million from $223.18 million recorded in the previous day.

There was however a depreciation of the naira against the US dollar on Friday, dropping by 0.53% to close at N570/$1 as against N567/$1 that was recorded in the previous trading session.

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Nigeria’s foreign reserves reduced by 0.08% on Wednesday, December 1 to close at $41.15 billion compared to $41.19 billion recorded as of the previous day.

The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

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