Naira strengthens to N740/$1 at the black market

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The exchange rate between the Naira and the US dollar closed at an average of N740/$1 on Thursday, at the black market, representing a 3.52 per cent gain compared to the previous day rate, and its strongest level in three weeks.

Also, the value of the Naira appreciated against the US dollar at the cryptocurrency peer-to-peer market, closing at a minimum of N743/$1 on Thursday afternoon, representing a 1.8 per cent gain from N757/$1 recorded on Wednesday.

Meanwhile, Naira closed flat against the US dollar on Wednesdayat N445.3/$1 at the official Investors and Exporters window, the same as recorded in the previous session. A sum of $177.44 million was traded at the official market on Wednesday, which is 63.81 per cent higher than the $108.32 million traded on Tuesday.

Nigeria’s external reserve dipped further for the fifth consecutive day on Monday, declining by 0.13 per cent to stand at $37.12 billion from $37.17 billion recorded as of the previous day.