Naira hits biggest single-day rise as external reserves edge up to $41.49bn

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The Naira on Thursday recorded its highest single-day gain against the dollar at the official foreign exchange market, ahead of Friday’s public holiday to mark Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad.

According to exchange data from the Central Bank of Nigeria (CBN), the currency appreciated to ₦1,514.87 per dollar, up from ₦1,521.46 traded on Wednesday.

“This represents a strengthening of ₦6.59 against the dollar on a day-to-day basis, making it the strongest uptrend for the Naira this week,” the CBN data revealed.

DAILY POST reports that Thursday’s performance marks the highest gain for the Naira in the past three trading sessions.

However, in the parallel market, the currency weakened. Traders disclosed that “the Naira dropped to ₦1,539 per dollar at the black market, compared to ₦1,533 traded on Wednesday.”

Analysts noted that this indicates “mixed sentiments across the official and parallel foreign exchange markets within the review week.”

Meanwhile, the apex bank confirmed that Nigeria’s external debt is also on the rise. “As of Wednesday, September 3, the country’s external reserves climbed to $41.49 billion, up slightly from $41.46 billion recorded the previous day,” the CBN stated.

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