The Naira appreciated against the dollar at the official foreign exchange market on Wednesday, marking its first gain since Friday, March 14, 2025.
According to data from the Central Bank of Nigeria, the Naira strengthened to N1,530.52 per dollar, up from N1,532.93 on Tuesday—an improvement of N2.41.
However, in the parallel market, the Naira weakened, closing at N1,585 per dollar on Wednesday compared to N1,580 the previous day, a depreciation of N5.
The local currency has continued to fluctuate in the foreign exchange market. On Tuesday, it had recorded a gain in the black market.
Meanwhile, the Centre for the Promotion of Private Enterprise warned on Wednesday that Dangote Refinery’s move to price petroleum products in dollars instead of Naira could further weaken the currency.
