Naira gains 0.14% as forex reserves drop by $331.08m in one month

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The value of Nigerian currency increased on Wednesday against the US dollar at the official market.

Data from FMDQ securities shows that the naira gained after trading at the investors’ and exporters window to close at N461.35 to the dollar.

The rate represented an appreciation by 0.14 percent compared with the N462 for which it exchanged to the dollar on Tuesday.

The open indicative rate closed at N461.17 to the dollar on Wednesday.

An exchange rate of N462.5 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.35.

The naira sold for as low as N446 to the dollar within the day’s trading.

READ ALSO:Naira falls again to US dollar, as report predicts N900/$

A total of 98.6 million dollars exchanged hands at the official Investors and Exporters window.

It was the same result at the black market and the peer-to-peer segment of the foreign exchange market.

The value of the local currency at the peer-to-peer market decreased again to close at N769/$1 from N768/$1 a day earlier.

While at the black-market rate, the value of the Nigerian currency to US dollar on Wednesday closed at N750.

Meanwhile, data from the Central Bank of Nigeria has revealed that Nigeria’s foreign reserves dropped to $36.7 billion at the end of February.

This is a $331 million drop in reserves compared to the $37 billion it stood at on February 1, 2023.

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