The naira recorded its highest appreciation against the United States dollar on Wednesday at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened further on Wednesday to N1,369.64 per dollar, up from N1,375.31 per dollar recorded on Tuesday at the official foreign exchange market.
This means that, on a day-to-day basis, the naira gained N5.67 against the dollar, marking its highest appreciation this week.
Similarly, at the black market, the naira gained a significant N10 against the dollar to close at a selling rate of N1,415 per dollar, according to Bureau De Change operators in Abuja.
The development comes as the country’s external reserves further surged to $52.03 billion on Tuesday.
Recall that on Tuesday, the apex bank’s Monetary Policy Committee (MPC) retained Nigeria’s benchmark interest rate at 26.50 percent.
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