The naira strengthened meaningfully versus the US dollar on Wednesday in Nigeria’s official foreign-exchange market, according to central bank data. The currency rose to 1,357.34 naira per dollar from 1,366.56 traded on Tuesday, representing a day-on-day improvement of 9.22 naira against the dollar.
In contrast, the naira was largely unchanged in the parallel market on Wednesday, holding at 1,395 naira per dollar—an exchange rate that also prevailed on Tuesday. The mixed picture comes as Nigeria’s external reserves continue to decline, reaching $48.33 billion as of May 5, 2026.
The latest official-market gain follows a shift late Tuesday, when the naira weakened against the dollar after the week began with a positive move in the official foreign exchange market.
