The naira appreciated against the U.S. dollar on Wednesday, marking its first broad-based gain across both the official and parallel foreign exchange markets this week.
According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,584.49 per dollar in the official market, strengthening by ₦5.96 from Tuesday’s closing rate of ₦1,590.45.
In the parallel (black) market, the naira also posted gains, trading at ₦1,625 per dollar on Wednesday—an improvement of ₦3 from the previous day’s rate of ₦1,628.
This rebound comes after the naira experienced a dip in value on Tuesday in the informal market, raising concerns about continued volatility in the foreign exchange landscape.
Central Bank Governor Olayemi Cardoso, speaking at the conclusion of the CBN’s 300th Monetary Policy Committee (MPC) meeting on Tuesday, emphasised the institution’s commitment to stabilising the currency.
“Our currency has shown increased stability in recent months and benefits from a more competitive and efficient payment system across the West African sub-region,” Cardoso stated.
The CBN’s recent efforts to tighten monetary policy and improve forex market transparency have been credited with helping to ease pressure on the naira, though broader challenges such as inflation and low foreign reserves continue to weigh on investor confidence.
