Naira Recovers N5.75 at Official Window as Liquidity Boost Counters Reserve Dip
The Nigerian naira recovered from a two-day loss on Tuesday, appreciating by N5.75 (about 0.42 per cent) at the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the local currency closed at N1,382.63 per US dollar at the Nigerian Foreign Exchange Market (NFEM), compared to N1,388.38 per dollar on Monday following the Sallah break resumption.11a622 This gain marks a reversal after the naira had posted modest declines earlier in the week. Prior to the break, the currency had been on a steady appreciation path before slipping to N1,353.90 per dollar on March 18.fb0bc1 In the parallel (black) market, however, the naira weakened by N10, trading at N1,425 per dollar against N1,415 the previous day. This widened the gap between the official and parallel rates to around N33–N42, depending on the source.a1bbcc The naira also lost ground against other major currencies in the parallel market: it shed N25 against the British pound to close at N1,920...