The Naira appreciated against the dollar at the official foreign exchange market on Thursday, barely 24 hours after the dip.

 

 

The Central Bank of Nigeria’s data showed that the local currency, on Thursday, traded

 

N1,383.88 per dollar from N1,386.71 on Wednesday.

 

 

This indicates that the Naira strengthened by N2.83 against the dollar on a day-to-day basis.

 

Meanwhile, at the black market, the Naira remained flat at N1,420 per dollar on Thursday, the same rate traded the previous day.

 

 

Recall that on Wednesday, the Naira fell across official and parallel foreign exchange markets.

 

The development followed the depletion of the country’s foreign reserves to $49.53 billion on Wednesday from $49.57 billion recorded the previous day, according to the apex bank’s data.