The naira appreciated for the second straight day against the United States dollar at the official foreign exchange market on Tuesday, signalling a modest recovery after last week’s losses.
Figures from the Central Bank of Nigeria showed that the local currency strengthened to N1,449.99 to the dollar on Tuesday, compared with N1,456.56 on Monday.
This indicates a day-on-day gain of N6.67.
DAILY POST reports that the naira has now gained 14.50 points in two days, reversing part of the depreciation recorded at the official window last week.
The appreciation was also reflected in the parallel market, where the naira gained N10 to close at N1,490 to the dollar on Tuesday, from N1,500 the previous day.
The improvement in the currency’s performance coincided with a slight increase in Nigeria’s external reserves, which rose to $45.23bn on Monday from $45.22bn.
