Nigeria’s external reserves have surged to $41.046 billion, the highest level in four years, fueling a steady appreciation of the naira in both official and parallel markets.
Fresh data from the Central Bank of Nigeria (CBN) revealed that reserves climbed from $37.21 billion on June 30 to $41.046 billion, representing a $3.836 billion (10.3 per cent) increase in just two months.
The development has bolstered market confidence, with the naira extending its winning streak for the fourth consecutive day. On Thursday, it strengthened to N1,545 per dollar in the parallel market, up from N1,550 per dollar recorded on Wednesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to N1,535.1 per dollar, compared to N1,537.99 per dollar the previous day — a gain of N2.89.
As a result, the gap between the parallel market and the NFEM narrowed significantly, dropping to N9.9 per dollar from N17.01 per dollar on Wednesday.
Analysts say the rise in reserves is providing crucial support for the naira, while easing pressure on foreign exchange markets ahead of the final quarter of the year.
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