Naira Gains At Official Market, Trades N1,390/$ | MarvelTvUpdates

The Nigerian currency Naira, on Tuesday, gained 2.02% against the US dollar at the official market, following its consistent depreciation over the past two weeks across both official and unofficial foreign exchange markets.

The recovery is attributed to a decrease in speculative activities and improved liquidity.

The dollar was quoted at N1,390.96, Which is stronger than the N1,419.11 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market.

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However, the country’s external reserves have declined to $32.232 billion as of April 29, 2024, from $33.570 recorded at the beginning of the month due to debt payment obligations and other interventions by the Central Bank of Nigeria.

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