…as foreign reserves hit $52bn
The Nigetian naira gained against the US dollar at the Nigerian foreign exchange market (NFEM) to close at N1375.3083 on Tuesday.
This is as the latest data from the Central Bank of Nigeria (CBN) disclosed that Nigeria’s external reserves rose to $52 billion.
According to data on NAFEM, the spot rate appreciated by 35 basis points to close at N1375.3083 per US dollar at the official window on Tuesday, a substantial gain from N1380.1093 quoted the previous day.
Reflecting improved FX liquidity in the currency market, intraday transactions were conducted between N1374 and N1379 per dollar at the NFEM window, according to data released by the Central Bank of Nigeria (CBN).
The official data released indicates that financial institutions’ FX trading activities increased in aggregate transaction volume and value.
Interbank FX turnover increased sharply, up by more than 21% on the day to $322.644 million from $266.227 million the previous day.
Meanwhile, the country’s gross external reserves surged to $52.024 billion from $51.942 billion increasing the CBN buffer to defend the local currency.