The naira appreciated by N29 or 2.1 per cent to N1,390 per dollar, compared to N1,419 per dollar recorded on Monday at the official market known as the Nigerian Autonomous Foreign Exchange Market.
In addition, the dollar supply in the official foreign exchange market reached a substantial sum of $7.3bn in March and April, according to The Punch.
This follows a period of consistent depreciation across both official and unofficial foreign exchange markets over the past two weeks attributed to the withdrawal of funds by Foreign Portfolio Investment.
The intraday high closed at N1,450 on Tuesday compared to N1,451 per dollar on Monday. The intraday low declined to N1,200 on Tuesday as against N1,060 on Monday according to FMDQ data.
Dollars supplied by willing buyers and willing sellers appreciated by 34.4 per cent or $77.53m to $225.36m from $147.83m recorded on Monday.
However, the country’s external reserves decreased to $32.232 billion as of April 29, 2024, compared to $33.570 billion at the beginning of the month.
This decrease is ascribed to debt payment obligations and various interventions carried out by the Central Bank of Nigeria to stabilize the currency.
Also, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at had emphasised the need to attract foreign investment to maintain liquidity in the foreign exchange market and stabilise the exchange rate.
