The naira closed at ₦1,537.07 per $1 on Wednesday, slightly stronger than the ₦1,537.61 per $1 recorded on Tuesday, ending two straight days of depreciation at the official foreign exchange market.
According to data from the Central Bank of Nigeria, the currency appreciated by ₦0.54 on a day-to-day basis.
In the parallel market, however, the naira traded flat at ₦1,548 per $1 on Wednesday, the same rate as Tuesday, a Bureau de Change operator in Abuja’s Wuse Zone 4, Abubakar Alhassan, confirmed.
The development comes as Nigeria’s external reserves rose to $41.22 billion on Tuesday from $41.19 billion the previous day, CBN data further showed.
Earlier in the week, the naira had weakened to ₦1,536.42 per $1 on Monday before sliding further to ₦1,537.61 per $1 on Tuesday.
