The naira recorded modest gains against the US dollar at the Nigerian Foreign Exchange Market (NAFEM) appreciating to N1,378.50/$1 on July 20 from N1,381.50/$1 recorded on July 17.
The Naira also recorded a slight improvement in the parallel market trading at N1,411.33/$ on Tuesday, compared with N1,413.00/$ a day earlier, reflecting an appreciation of N1.67, or 0.12%.
It strengthened against the euro, appreciating by N4.67 to close at ₦1,597.33/€1, compared with N1,602.00/€1 previously, representing a 0.29% gain.
The Naira however weakened marginally against the British pound, trading at N1,865.00/£1, up from N1,864.00/£1, indicating a depreciation of ₦1.00, or 0.05%. The Naira exchange rate against the Canadian dollar remained unchanged at N1,055.00/C$1
Similarly, Nigeria’s external reserves continued their gradual upward trend. CBN data showed reserves increased to $51.916 billion as of July 16, from $51.893 billion on July 15, representing a daily increase of approximately $23 million, or 0.04%.
The spread between the official NAFEM rate and the parallel market narrowed to about ₦32.83/$, a spread viewed as relatively contained compared with previous periods of heightened volatility.
