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Naira Watch

Naira value rises at official market



Naira depreciates to N362.30 despite CBN’s $210m forex intervention

The value of Naira on Wednesday increased marginally against the dollar at the official market on Wednesday.

Data from FMDQ revealed that naira appreciated by 0.11 percent as the dollar was quoted at N461.24 on Wednesday as against the last close of N461.75 on Tuesday at the Investors and Exporters (I&E) forex window,

Most currency dealers who participated at the foreign exchange market auction on Wednesday maintained bids between N459.50 (low) and N462.13 (high) per dollar.

READ ALSO:Naira appreciates at official market as CBN disburses more cash to banks

At the parallel market, also known as black market, naira steadied at N745 per dollar on Wednesday.

Meanwhile, Nigeria’s external reserves increased by 2.9 percent in one day to $36.67 billion as of March 28, 2023 compared to $35.64 billion recorded on March 27, 2023.

According to analysts at the FSDH research, a new report said the current US$36 billion external reserves can finance about 6-7 of imports of goods and services.

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