The Nigerian naira recorded its strongest appreciation against the United States dollar on Wednesday, extending its gains at both the official and parallel foreign exchange markets.
Data released by the Central Bank of Nigeria, CBN, showed the local currency strengthened to N1,369.64 per dollar at the official market on Wednesday, compared to N1,375.31 per dollar recorded on Tuesday.
The latest movement represents a N5.67 appreciation for the naira against the greenback on a day-to-day basis, marking its highest gain so far this week.
The positive momentum was also reflected in the parallel market, where the naira appreciated by N10 to trade at N1,415 per dollar, according to Bureau De Change operators in Abuja.
The continued appreciation comes amid improving external sector indicators, with Nigeria’s foreign exchange reserves rising further to $52.03 billion on Tuesday.
The naira’s latest performance also follows the decision of the Central Bank of Nigeria’s Monetary Policy Committee, MPC, to retain the country’s benchmark Monetary Policy Rate, MPR, at 26.50 percent during its meeting on Tuesday.
The MPC maintained the rate in a move aimed at sustaining macroeconomic stability while supporting the ongoing moderation in inflation and stability in the foreign exchange market.
