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Naira gains against dollar at official market, trades at N1,390/$

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The Naira, saw a positive development on Tuesday, as it gained 2.02% against the US dollar at the official market.

This comes after a period of consistent depreciation observed over the past two weeks across both official and unofficial foreign exchange markets.

According to reports, the recovery is attributed to a decrease in speculative activities and improved liquidity in the market.

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The dollar was quoted at N1,390.96, marking a stronger position compared to the N1,419.11 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market.

However, despite this positive development, the country’s external reserves have experienced a decline, falling to $32.232 billion as of April 29, 2024, from $33.570 billion recorded at the beginning of the month.

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This decrease is attributed to debt payment obligations and various interventions carried out by the Central Bank of Nigeria to stabilize the currency.

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