The Nigerian Naira has shown some recovery, ending the week on a positive note even though gross reserves declined for the fourth consecutive week, decreasing by $219.56 million w/w to $37.71 billion as of June 20, data obtained from the Central Bank of Nigeria (CBN) show.
The naira gained N2 on Friday, appreciating from 1,549.41 on Thursday to 1,547.36, supported by increased supply from foreign portfolio investors who were looking to participate in the OMO auction, and CBN’s intervention of $61 million to banks.
Though the currency began the week with some gains, it depreciated for three straight days before budging on Friday as the apex bank’s support to the market paid off.
