Naira appreciates massively to N1,492 against USD at forex market amid foreign reserves surge

Naira appreciates massively to N1,492 against USD at forex market amid foreign reserves surge

It appreciated massively to N1,492.61 per US dollar at the official foreign exchange market as foreign reserves surged to $34.11 billion.

FMDQ data showed that the Naira gained N67.96 on Wednesday compared to the N1,560.57 per USD it traded the previous day.

This is the first time the Naira has reached below N1,500 per USD since last month.

The appreciation comes as USD transactions turnover surged to $268.29 million on Wednesday from $195.13 million on Tuesday.

Similarly, at the parallel market, the Naira appreciated to N1,520 per USD on Wednesday from N1,600 on Tuesday.

Recall that the Central Bank of Nigeria said it has cleared the $7 billion valid forex backlog.

Accordingly, the apex noted the country’s foreign reserves increased to $34.11 billion by $993 million as of March 7, 2024.

CBN clears all FX backlog as external reserves hits $34.11bn