The recovery of the Nigerian economy from a recessive state has been given a positive signal with the improvement in the value of the naira as well as foreign reserve.
Hopes of further appreciation of the naira brightened yesterday as the nation’s external reserve rose to $30 billion, the highest in 13 months, according to the Vanguard.
Consequently, the external reserve has risen by $4.2 billion since the beginning of the year, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend.
Meanwhile, the naira yesterday appreciated to N455 per dollar in the parallel market as the Central Bank of Nigeria (CBN) injected another $195 million into the foreign exchange market. The apex bank sold $100 million in wholse forwards, $70 million to meet demand for personal and business travel allowance and $25 million to bureaux de change (BDCs).
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