Naira Edges Up Against Dollar After Two-Day Decline

|By Adejumo Adekunle

The naira staged a mild recovery against the United States dollar at the official foreign exchange market on Wednesday, halting two straight days of depreciation.

According to official data from the Central Bank of Nigeria (CBN), the local currency appreciated slightly to N1,537.07 per dollar, compared to N1,537.61 on Tuesday. This marks a day-to-day gain of 54 kobo.

At the parallel market, however, the naira traded flat at N1,548 per dollar, the same rate as Tuesday, a Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed.

The modest rebound came on the back of a rise in the nation’s external reserves, which climbed to $41.22 billion as of Tuesday, up from $41.19 billion on Monday, CBN figures showed.

Earlier in the week, the naira slipped to N1,536.42 and N1,537.61 per dollar on Monday and Tuesday, respectively, before the slight recovery.