Having depreciated in value to N500 to the dollar at the parallel market, the value of the naira appreciated to N498 to the dollar, the value it had been trading for weeks, even as external reserves rose to $28.28 billion the highest in the year highest in a year.
The naira however remained stable at N305.25 to the dollar at the interbank market, on the website of the Association of Bureau de Change Operators; the naira was quoted at N315.38 to the dollar.
Data on the website of the apex bank showed that the nation’s external reserves have risen by 7.89 per cent since the beginning of the year.
Traders said while the apex bank has been selling dollars on the official market to support the naira, dollar shortages were causing the naira to weaken on the black market.
Head of Africa Research at Standard Chartered Bank, Razia Khan said, despite rising foreign exchange reserves, it is the amount of forex that is supplied that matters.
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