Naira Appreciates to N1,444/$ as External Reserves Cross $43bn
The Nigerian local currency, the naira, appreciated to N1444 per US dollar at the official window, with data showing additional accretion into the nation’s external reserves.
The Central Bank of Nigeria (CBN) daily FX update revealed that the official rate gained additional value against the greenback in the absence of supply pressures.
The spot rate closed at N1444.4220 per US dollar on Wednesday from N1448.2050. The official rate touched an intraday high of N1450, up by N6 from the previous position, which suggests demand for dollar continues to track FX supply levels.
Meanwhile, Nigeria’s gross external reserves crossed $43 billion, its highest since 2019. The total balance in the nation’s foreign reserves advanced to $43.109 billion, updated data from the CBN showed, from $48.862 billion posted before data paused. GTCO Profit Falls by 35.5%, Q3 Earnings Disappoint as Costs Spike
