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