The Nigerian naira strengthened significantly against the US dollar at the official foreign exchange market on Wednesday, marking a notable improvement in its value.
Data released by the Central Bank of Nigeria showed that the naira closed at N1,371.82 per dollar, compared to N1,386.66 recorded on Tuesday. This represents an appreciation of N14.84 within a single trading day.
Despite the gains at the official window, the parallel market showed no movement, with the naira maintaining a steady rate of N1,404 per dollar, unchanged from the previous day.
The currency movement comes at a time when Nigeria’s external reserves continue to decline. The country’s reserves were recorded at $48.94 billion as of April 7, 2026, reflecting ongoing pressure on the nation’s foreign exchange position.
It will be recalled that the naira had shown mixed performance across different segments of the foreign exchange market earlier in the week, highlighting the continued volatility in currency trends.
