As the nation's apex bank applies measures to strengthen THE Nigerian Naira by supplying $62 million to BDCs , Nigeria's domestic responded positively on Wednesday.
The Naira appreciated by N12 to N385 against the US dollar on the parallel market as the Central Bank reportedly sold $20,000 to about 3,170 BDCs resulting in sharp drop of exchange rate on the parallel market from average of N397 per dollar on Tuesday to N385 per dollar at the close of business yesterday.
As signs of good things to come, Nigeria's external reserve has reportedly risen by $260 million to $30.6 billion since the beginning of this month, official figures by the Central Bank of Nigeria shows.
CBN says Nigeria's reserve rose from $30.3 billion at the end of March to $30.6 billion on Tuesday.
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