Di Naira don see some gain as Nigeria external reserves reach $50.5 billion. Dis na big news for di currency market as di Central Bank of Nigeria (CBN) get more power to support di Naira.
On Thursday, di last trading day before June 12 public holiday, di Naira show strength. Di official rate close at N1,356 per dollar, up from N1,360 per dollar on Wednesday. Dis gain come as di CBN dey try to keep di currency stable.
For di parallel market, di Naira also improve. E close at N1,395 per dollar on Monday, compare to N1,400 per dollar last week. Dat mean di gap between official and black market rate don reduce to N39 per dollar from N46 per dollar.
Di number of deals for di FX market increase. For di interbank segment, deals jump to 193 on June 11 from 84 deals on June 10. For di NFEM, deals drop to 249 on June 11 from 314 deals on June 10. Overall, di market dey active.
Di external reserves climb to $50.5 billion, according to data from di CBN website. Dis na good news as e give CBN more room to manage di exchange rate. Analysts say di reserves growth go help sustain investor confidence and cushion di economy against external shocks.
Oil prices drop small due to peace talks between Iran and some countries, but dat no affect reserves much. Di CBN dey continue to receive proceeds from crude oil exports, wey dey support di reserves.
