Nigeria’s naira continued to gain ground against the US dollar on Wednesday in both the official foreign-exchange window and the parallel market, extending a two-day run of appreciation at the formal market.
Official exchange rate strengthens
Central Bank of Nigeria figures showed the currency closed at N1,347.53 to the dollar on Wednesday, compared with N1,352.87 on Tuesday.
- The official-market rate represented a daily gain of N5.34 for the naira against the dollar.
- The latest move marked the second consecutive day of appreciation in the official FX market.
Parallel-market rate also improves
The naira also advanced in the black market, where it traded at N1,380 per dollar on Wednesday, strengthening by N5 from N1,385 a day earlier.
Foreign reserves remain above $55 billion
The currency gains came as Nigeria’s external reserves stood at $55.26 billion on Tuesday. The reserve position is a closely watched indicator of the central bank’s capacity to support foreign-exchange liquidity and manage pressure on the naira.
