The naira on Wednesday rebounded to slight gains after two consecutive days of marginal losses, supported by rising external reserves, which have now crossed the $41 billion mark.
At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly by N0.54 as the dollar closed at N1,537.07, compared to N1,537.61 quoted the previous day, according to data from the Central Bank of Nigeria (CBN).
In the parallel market, popularly called the black market, the local currency remained stable at N1,540 per dollar. Similarly, GTBank’s FX rate for international transactions held steady at N1,544 since Monday, after rising from N1,542 on Friday.