The Nigerian naira recorded its strongest appreciation against the United States dollar this week at the official foreign exchange market on Wednesday.
Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to N1,372.41/$1 on Wednesday, improving from N1,379.68/$1 recorded on Tuesday.
The latest figures indicate that the local currency gained N7.27 against the dollar on a day-to-day basis, marking its highest single-day appreciation this week at the official market.
However, the naira remained unchanged at the parallel market, trading at N1,139.50 per dollar on Wednesday, the same rate recorded on Tuesday.
The latest development means the naira has now appreciated against the US dollar for two consecutive trading sessions at the official foreign exchange window.
The currency’s improved performance comes amid a further increase in Nigeria’s external reserves, which climbed to $51.46 billion.
Meanwhile, the CBN on Wednesday revoked the operating licences of 46 microfinance banks, including Illegal Credit Microfinance Bank and Sycamore Microfinance Bank, as part of efforts to strengthen regulation in the country’s financial sector.
