Naira gains at official market, trades N1,390/$ in Nigeria

PHOTO

The Nigerian currency Naira, on Tuesday, gained 2.02% against the US dollar at the official market, following its consistent depreciation over the past two weeks across both official and unofficial foreign exchange markets.

The recovery, TRIBUNE ONLINE gathered, is attributed to a decrease in speculative activities and improved liquidity.

The dollar was quoted at N1,390.96, which is stronger than the N1,419.11 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market.

Related PostsNaira continues decline at official market, trades N1419/$Naira weakens under renewed attack by crypto traders despite $17.938bn market turnoverNow that I’m back, Naira will surely appreciate — Indaboski

However, the country’s external reserves have declined to $32.232 billion as of April 29, 2024, from $33.570 recorded at the beginning of the month due to debt payment obligations and other interventions by the Central Bank of Nigeria.