The naira rebounded against the United States dollar on Thursday at the official foreign exchange market, reversing the slight depreciation recorded a day earlier.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated to N1,419.28 per dollar on Thursday, compared with N1,420.04 on Wednesday. This reflects a marginal gain of 76 kobo on a day-on-day basis.
At the parallel market, however, the naira remained unchanged, trading at N1,490 per dollar. Bureau De Change operators in Wuse Zone 4, Abuja, confirmed that the exchange rate was stable, the same level recorded the previous day.
The currency’s modest recovery comes amid an improvement in Nigeria’s external reserves, which rose to $45.82 billion as of January 14, up from $45.78 billion the day before.
The rebound follows a slight drop in the naira’s value against the dollar at the official market on Wednesday.
