By Adeyemi David
The Nigerian naira recorded a positive performance in the foreign exchange market, appreciating against the United States dollar at the official window as improved liquidity supported the local currency.
Data from the Central Bank of Nigeria showed the naira closed at about N1,337 per dollar, strengthening from N1,344 recorded earlier, marking its strongest official close since late May 2024.
The currency’s recovery has been attributed to better supply conditions and calmer investor sentiment, signaling renewed short-term stability in the FX market.
Similarly, the parallel market reflected gains, with the naira trading around N1,382.5 to N1,385 per dollar, narrowing the gap between the official and street rates.
However, fresh pressure was observed in some trading centres on Wednesday, where the naira weakened sharply in the black market as demand for dollars surged.
Analysts say the broader appreciation trend comes amid improved dollar liquidity and ongoing market adjustments, with the currency recently approaching a nearly two-year high across segments.
Overall, the mixed movement underscores persistent volatility in Nigeria’s foreign exchange market, even as policy measures and supply improvements continue to support the naira’s gradual recovery.
