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Naira Watch

Naira reverses losses to U.S dollar as foreign reserves hit 3-year high

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency regained its lost value after a plunge on Tuesday at the Investors and Exporters Window.

Data obtained from FMDQ showed Naira appreciated by 0.01 per cent or 3 kobo on Wednesday, October 27 with the same amount it lost in the previous session

FDMQ data showed Naira sold for N415.07/$1 yesterday, compared to the previous exchange rate of N415.10/$1.

Participants in the spot market bid for Naira as high as N444 during the transaction, compared to the average N450 in the previous three trading sessions.

The total transaction carried out stood at $147.44 million in contrast to the $200.74 million published at the preceding session, indicating a $53.3 million or 26.6 per cent slide in the daily turnover.

However, in the interbank market, the Naira exchange rate to the US dollar, remained unchanged at N411.02/$1 the same rate from the previous session.

Read also: Naira depreciates to U.S dollar after 3 days of stable performance

However, the situation was not the same versus the British Pound Sterling in the interbank window, where the local currency fell by N2.14 to trade at N567.50/£1 compared to N565.36/£1 on Tuesday.

Similarly, the Naira fell 44 kobo versus the Euro, closing at N477.56/€1 on Wednesday, down from N477.12/€1 the day before.

Meanwhile, latest data from the Central Bank of Nigeria has revealed that in the last 8 days Nigeria’s foreign reserves have increased by $1.36 billion to hit a 3-year-high.

According to CBN, external reserves rose from $40.38 billion as at 18 October to touch $41.75 billion on 26 October 2021.

The last time Nigeria’s external reserve was at the $41.7 billion level was in February of 2019

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