Nigeria TV Info — Business News

External Reserves Hit $41bn, Boosts Naira to N1,545/$

LAGOS — Data from the Central Bank of Nigeria (CBN) showed that the country’s external reserves rose steadily to $41.046 billion from $37.21 billion on June 30. This represents an increase of $3.836 billion, or 10.3%, in just two months.

Reflecting the impact of this growth in reserves, the Naira appreciated for the fourth consecutive day, trading at N1,545 per dollar in the parallel market, up from N1,550 per dollar on Wednesday.

In the Nigerian Foreign Exchange Market (NFEM), the Naira also strengthened, rising to N1,535.1 per dollar from N1,537.99 per dollar on Wednesday, indicating an appreciation of N2.89.

As a result of these movements, the gap between the parallel market and the NFEM rate narrowed to N9.9 per dollar, down from N17.01 per dollar earlier in the week.

Analysts say the steady increase in external reserves is a positive signal for the economy and may help stabilize the Naira further in the coming months.