Naira records highest appreciation against US dollar as foreign reserves hit $50.01bn

The naira connected Wednesday recorded its highest appreciation against the US dollar successful 3 weeks astatine the authoritative overseas speech marketplace arsenic Nigeria’s overseas reserves roseate to $50.01 billion.

Data from the Central Bank of Nigeria, CBN, showed that the section currency strengthened to N1,376.19 per dollar connected Wednesday, compared to N1,401.40 recorded connected Tuesday.

This represents a summation of N25.21 for the naira connected a day-to-day basis, marking its strongest show successful the past 3 weeks. The betterment followed the currency’s interruption from a caller depreciation inclination against the dollar connected Tuesday.

However, the naira weakened somewhat astatine the parallel market. It fell by N10 to N1,430 per dollar connected Wednesday from N1,420 traded the erstwhile day.

Meanwhile, CBN information indicated that Nigeria’s overseas reserves accrued to $50.01 cardinal arsenic of March 10, 2026, up from $49.99 cardinal recorded connected March 9.

Naira records highest appreciation against US dollar arsenic overseas reserves deed $50.01bn<...