The naira on Wednesday appreciated against the dollar across official and parallel foreign exchange markets, bringing some relief to the Nigerian economy after recent fluctuations in the currency’s value.
According to the latest data from the Central Bank of Nigeria (CBN), the naira traded at N1,584.49 per dollar at the official market, improving from Tuesday’s rate of N1,590.45. This reflects a gain of N5.96 in just one day.
The improvement wasn’t limited to the official market. In the parallel market, often referred to as the black market, the naira also made gains. It was exchanged at N1,625 to the dollar on Wednesday, compared to N1,628 on Tuesday. That’s a modest improvement of N3.
This marks the first time this week that the local currency has appreciated across both the official and black markets. Earlier in the week, specifically on Tuesday, the naira had experienced a decline in value in the parallel market.
The movement in the naira’s value comes amid continuing efforts by the Central Bank to stabilize the country’s foreign exchange environment. On Tuesday, during the conclusion of the 300th Monetary Policy Committee (MPC) meeting, CBN Governor Olayemi Cardoso addressed the state of the naira and broader monetary conditions.
He noted that Nigeria’s currency is showing signs of stability and benefits from a more competitive payment system compared to other countries in the West African region. “The country’s currency is stable and enjoys a more competitive payment system across the West Africa region,” Cardoso said.
