Naira strengthens against dollar as forex reserves hit $35bn

Nigeria’s currency appreciated against the dollar at the parallel market on Monday as the country’s foreign exchange reserves hit the $35 billion mark.

The naira strengthened to 482 per dollar on the black market from 485/$1 on Friday.

At the investors and exporters’ forex window, the naira, however, weakened by 0.18 percent to 409.75 against the greenback, according to FMDQ Group.

The country’s forex reserves increased to $35.04 billion on April 9 from $34.82 billion at the end of March, the latest data from the Central Bank of Nigeria showed.

The reserves have increased by $620 million since Mar. 18, when it stood at $34.42 billion.