Naira appreciated by 0.12% to close at N419/$1 on Wednesday, up from N419.5$1 recorded in the previous trading session on Tuesday.
This is the second consecutive daily gain for the Nigerian naira against the US dollar at the official market, and comes in the wake of a 74.56% increase in forex turnover in the market.
At the parallel market, the exchange rate moderated, having closed at N605/$1 compared to N608/$1 recorded in the previous trading session, according to information from BDC operators in Nigeria.
On the other hand, the exchange rate at the peer-to-peer market depreciated on Thursday morning, trading at a minimum of N604/$1 as against N600/$1 recorded as of the same time on Wednesday.
Nigeria’s external reserves, meanwhile, recorded its first increase in over a month, albeit marginal. Foreign reserves increased by 67,768 on Tuesday, 31st May 2022. The nation’s external had been on a downturn since 25th April 2022 largely due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.