The naira has recorded its strongest two-day appreciation against the United States dollar at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) show that the local currency strengthened to N1,358.28 per dollar on Wednesday, improving from N1,372.91 recorded on Tuesday.
This represents a day-on-day gain of N14.63. The appreciation followed Tuesday’s rally, when the naira gained N17.45 against the dollar, bringing its total two-day advance to N32.08 at the official market.
The latest performance signals a gradual push towards the N1,300 per dollar level, a rate last seen in March 2024.
However, the naira traded weaker at the parallel market, where it exchanged at about N1,460 per dollar on Wednesday, according to Bureau De Change operators in Wuse Zone 4, Abuja.
The continued strengthening of the naira at the official market coincides with a rise in Nigeria’s external reserves, which climbed to $46.70 billion as of February.
