The naira strengthened to N1,357 per dollar at the the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday, October 27 from N1,365 recorded on Monday, October 26, according to CBN data.
The N8 gain represented a 0.59% appreciation against the dollar at the official market.
The currency also strengthened on the parallel market, where Bureau De Change (BDC) operators quoted the dollar at N1,382 on Wednesday, down from N1,385 on Tuesday. The N3 decline represented a 0.22% appreciation in the naira’s value.
The latest movement indicates broad-based gains across both segments of the foreign exchange market, although the official and parallel market rates remained different.
Naira Gains Against Pound, Euro and Canadian Dollar
The naira also appreciated against the pound sterling, euro and Canadian dollar in the parallel market.
The pound sterling traded at N1,836 on Wednesday, compared with N1,844 a day earlier, representing an N8 decline or 0.44%.
The euro fell to N1,538 from N1,543, a reduction of N5 or 0.33%, while the Canadian dollar declined to N983 from N988, representing a 0.51% drop.
The movements indicate that the naira recorded gains against all four major currencies tracked in the parallel market.
Nigeria’s Foreign Reserves Rise to $55.26 Billion
Nigeria’s external reserves continued to strengthen, providing another indicator of the country’s external position.
CBN data showed that foreign reserves stood at $55.255 billion as of October 26, up from $55.177 billion on October 23.
The $78 million increase represented a 0.14% rise over the period.
