The naira extended its gains against the dollar Thursday, appreciating 0.14% to close at ₦1,367.76 on the official market, supported by improved dollar liquidity.
The parallel market moved the opposite direction, weakening 0.5% to ₦1,407, widening the official-parallel spread to 2.93% from 1.8% the previous day. Interbank turnover fell 19.76% to $334.13 million, with deals dropping to 122 from 198.
External reserves rose to a 17-year high of $52.03 billion as of July 22, up 35.6% year-on-year, continuing a rally driven by stronger crude exports and improved oil production, even as some CBN figures earlier this month suggest reserves may have briefly dipped before recovering.
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