Nigeria’s naira posted its first gain against the US dollar this week in the official foreign-exchange window, after weakening during the previous two trading sessions.
Central Bank of Nigeria data showed that the currency closed at N1,332.59 per dollar on Wednesday, compared with N1,332.97 on Tuesday. The movement represented a modest day-on-day appreciation of N0.38.
The increase marked the naira’s first advance of the week following depreciation on both Monday and Tuesday.
In the parallel market, however, the naira was unchanged at N1,375 to the dollar on Wednesday, maintaining the same rate recorded a day earlier.
The differing moves in the official and informal currency markets came as Nigeria’s external reserves were reported at $55.10 billion in Central Bank of Nigeria figures.
The naira had lost ground against the dollar on Monday and Tuesday before Wednesday’s marginal recovery.
