The naira strengthened against the US dollar at the Central Bank of Nigeria (CBN) foreign exchange market as the country’s gross external reserves climbed to their highest level since 2009.
Data from the CBN showed that the local currency closed at N1,356.27/$ at the Nigerian Foreign Exchange Market (NFEM), improving from N1,363.83/$ recorded the previous week.
Transactions at the official market were completed within a narrow range of N1,354.50/$ to N1,360/$, indicating relatively stable demand and limited foreign exchange pressure.
Nigeria’s gross external reserves rose to $50.51 billion, the highest level since January 2009, supported largely by increased inflows from crude oil sales and improved foreign exchange earnings.
The positive reserves position bolstered investor confidence and helped support the naira’s performance across currency markets.
In the parallel market, the naira also appreciated, strengthening to N1,390/$ as foreign exchange supply from Bureau de Change operators outpaced demand.
