The Naira recorded a notable appreciation against the US dollar at the official foreign exchange market on Wednesday, reversing its previous day’s decline.
Data released by the Central Bank of Nigeria showed the local currency strengthened to N1,357.34 per dollar, compared to N1,366.56 on Tuesday. This reflects a day-on-day gain of N9.22.
At the parallel market, however, the Naira traded flat, maintaining the same rate of N1,395 per dollar recorded a day earlier.
The currency’s improvement at the official window comes despite continued pressure on Nigeria’s external reserves, which fell to $48.33 billion as of May 5, 2026.
The latest development follows a depreciation recorded on Tuesday after the Naira had opened the week on a positive trajectory at the official market.
