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JUST IN: Naira appreciates as Nigeria's foreign reserves increase to $34.66 bn

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The naira has shown signs of recovery from recent losses as foreign exchange liquidity pressures eased over the weekend, pushing the exchange rate below N1520 in the official market amidst a worsening forex crisis in Nigeria.

This is as Nigeria’s foreign exchange reserves also saw an uptick, reaching a 13-month high with an increase of $465.21 million to $34.66 billion. This boost provided some relief to the foreign exchange market, reducing speculative activities and bolstering the naira against the US dollar across different market segments.

According to the FMDQ forex spot rate, the naira closed at N1,509.67 per US dollar, marking a 0.70% appreciation from the previous close. In the parallel market, the naira strengthened by 0.43%, closing the day at an average of N1,523 per dollar.

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