The Naira appreciated on Tuesday against United States dollar at the official foreign exchange market for the first time in two working days.

The Central Bank of Nigeria’s data showed that it strengthened on Tuesday to N1,382.63 from N1,388.38 traded on Monday.

This means that the Naira gained N5.7 against the dollar at the official market on a day-to-day basis. Naira’s uptrend on Tuesday comes after its recorded N34.48 declined on Monday.

However, at the black market, the Naira remained unchanged on Tuesday at between N1,410 and N1,412 per dollar, the same rate as the previous day, according to multiple Bureau de Change operators in Wuse Zone 4, Abuja.

The development comes as Nigeria’s foreign reserves dropped to $49.61 billion as of 23rd March from $49.78 billion on the 18th, according to CBN’s data.

Recall that the Naira paused its rally on Wednesday last week at the official foreign exchange market before the Eid-ul-Fitr holidays and resumed on Monday in the same sentiment.