Naira gains against dollar as foreign reserves increase by $326.9m

On Wednesday, Nigerian currrency, Naira appreciated to the dollar by 0.12 percent closing at the Investors and Exporters (I&E) where forex is traded officially.

According to data obtained from FMDQ, the exchange rate between Naira and the US Dollar closed at N410.50/1$ from N411/$1 recorded on Tuesday.

This is as the daily foreign exchange market turnover declined by 59.05 percent to $21.92 million on Wednesday from $53.53 million recorded on the previous day.

Currency traders who participated in the trading on Wednesday maintained bids at between N392.00k and N422.00k/$.

Read also: Naira closes stronger against dollar, as BDC operators get funding

However, the black market exchange rate remained flat at N482 the same rate it traded the previous day.

At the end of Wednesday trading, the difference between the official market and unofficial stands N71.5.

Meanwhile, data from the Central Bank of Nigeria shows that the external reserves added $326.9 million in the first 13 days of April.

As of April 1, the external reserves stood at $34.84 billion, before rising to $35.17 billion in April 13.

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