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    Wednesday, June 3
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    Naira Appreciates to N1,444/$ as External Reserves Cross $43bn

    Julius AlagbeBy Updated:No Comments1 Min Read
    Naira Appreciates to N1,444$ as External Reserves Cross $43bn
    Naira

    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

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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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