Naira Losses To U.S Dollar As Foreign Reserves Hit 3-Year High

Participants in the spot market bid for Naira as high as N444 during the transaction, compared to the average N450 in the previous three trading sessions.

The total transaction carried out stood at $147.44 million in contrast to the $200.74 million published at the preceding session, indicating a $53.3 million or 26.6 percent slide in the daily turnover.

Dollar to Naira exchange rate

However, in the interbank market, the Naira exchange rate to the US dollar, remained unchanged at N411.02/$1 the same rate from the previous session.

ALSO READ: Naira Depreciates To U.S Dollar After 3 Days Of Stability- See Current Rate

However, the situation was not the same as the British Pound Sterling in the interbank window, where the local currency fell by N2.14 to trade at N567.50/£1 compared to N565.36/£1 on Tuesday.

Similarly, the Naira fell 44 kobo versus the Euro, closing at N477.56/€1 on Wednesday, down from N477.12/€1 the day before.

Meanwhile, the latest data from the Central Bank of Nigeria has revealed that in the last 8 days Nigeria’s foreign reserves have increased by $1.36 billion to hit a 3-year-high.

According to CBN, external reserves rose from $40.38 billion as of 18 October to touch $41.75 billion on 26 October 2021.

Infoexpert24 understands that the last time Nigeria’s external reserve was at the $41.7 billion level was in February of 2019