The Nigerian naira firmed modestly versus the US dollar in the official foreign-exchange window on Wednesday, pausing a stretch of day-to-day weakness, even as the country’s foreign reserves continued to slide. Central Bank of Nigeria figures indicated the currency strengthened to 1,379.46 per dollar on Wednesday from 1,380.71 on Tuesday—an improvement of 1.25 naira for each dollar.
Naira steadies in the official FX window
On a day-to-day basis, the naira’s move meant it gained 1.25 naira against the dollar in the official market. The latest Central Bank data also suggested the break in momentum was limited, as the broader pressure on the currency had persisted in recent sessions.
Black market rate edges slightly higher
In parallel trading, the naira was quoted at 1,395 per dollar on Wednesday, compared with 1,393 per dollar on Tuesday, based on comments from Abubakar Hassan, a bureau de change operator in Wuse Zone 4, Abuja. The gap between official and parallel pricing remained a key feature of market conditions.
- Official market: 1,379.46 per dollar on Wednesday versus 1,380.71 on Tuesday
- Day-to-day change in official market: a gain of 1.25 naira per dollar
- Black market: 1,395 per dollar on Wednesday versus 1,393 per dollar on Tuesday
Reserves fall further, extending the pressure backdrop
Despite the small improvement in the official exchange rate, foreign reserves continued to decline. Central Bank of Nigeria data showed reserves dropping to 48.37 billion dollars as of April 28, 2026.
What the latest figures suggest
The Wednesday uptick came after the naira had kept depreciating against the dollar at the official foreign exchange market since the previous week, indicating the currency’s correction may be temporary while reserve levels remain under strain.
