Even as the country’s foreign reserves hit $41.500 billion, the naira, the indigenous currency of Nigeria, rose to N1,506 per dollar during the official window.
According to the Central Bank of Nigeria’s (CBN) Nigeria Foreign Exchange Market (NFEM) statement, the spot rate for the first day of the week settled at N1506.8433 per dollar at the official window.
The appreciation of the naira was also due to the reduced FX pressure in the market, according to analysts.
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