Naira Climbs to N1463/$ as FX Reserves Reach $42.792bn
The Nigerian local currency, the naira, appreciated against the dominant US dollar at the official FX market, trading at N1463 per greenback on Tuesday amidst growing external reserves.
The local currency touched an intraday high of N1466 per dollar at the official market, reflecting a significant improvement from N1470 the previous day.
The Central Bank of Nigeria (CBN) daily FX update showed that the spot rate closed at N1463.4520 in the absence of significant demand for US dollars.
Exporters and inflows from international oil companies helped strengthen the supply side, while foreign portfolio investors sustained demand for the local currency reduced exchange rate stress.
Nigeria’s external reserves surge further, reaching $42.792 billion from $42.695 billion, supported by inflows from FX receipts from hydrocarbon sales and remittances.
The market anticipates the naira to continue to hover around N1470, while some investment banking firms stepped up expectation, projecting N1400 per dollar for 2025. #Naira Climbs to N1463/$ as FX Reserves Reach $42.792bn Industrial Court Hears N100m Suit against Guinness Nigeria
