The Nigerian naira strengthened slightly at the parallel market, despite fall in the country’s foreign reserves.
On Friday, the naira appreciated by one point against the dollar, moving from 391 to 390 against the greenback.
The British pound lost some ground to trade at N495, while the euro exchanged for N420.
This places the Nigeria’s exchange rate at the parallel market in a positive light despite a three-day fall in the country’s foreign reserves, the first in many weeks.
As at Thursday evening, the country’s foreign reserves stood at $30,928,485,613, falling from $30,988,403,724 on May 5, 2017.
The Central Bank of Nigeria has implemented some policy actions of late, with the sole aim of stabilizing the foreign exchange market, the Cable.ng reports.
The apex bank has maintained a continuous intervention at the forex market, pumping billions of dollars into the market.
The efforts of the bank has been yielding some results, with a dramatic increase in foreign portfolio investment.
The Nigerian Stock Exchange (NSE) has gained nearly a trillion naira since markets opened on Monday.
Traders say investors are optimistic about the Nigerian market, due to the new policies being implemented by the apex Bank.
