By Seun Ibiyemi
The Nigerian naira appreciated further at the official foreign exchange market on Wednesday, closing at N1,376.19 to the United States dollar, according to data released by the Central Bank of Nigeria (CBN).
Figures published on the CBN’s website showed that the local currency gained N25.20 against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The latest performance represents a 1.8 per cent appreciation compared with Tuesday’s closing rate of N1,401.40 to the dollar at the same market.
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The naira had earlier experienced about two weeks of depreciation before staging a recovery on Tuesday and extending its gains on Wednesday.
Market analysts attributed the improvement to increased foreign exchange supply and sustained economic reforms aimed at stabilising the currency market.
Some traders also linked the appreciation to rising inflows from exporters and foreign portfolio investors participating in the market.
The CBN has consistently maintained that its ongoing reforms are designed to improve liquidity, transparency, and overall stability in Nigeria’s foreign exchange market.
A market update on the apex bank’s website stated that the naira “appreciated by N25.20, representing a 1.8 per cent gain against the dollar at NAFEM.”
The development signals a modest rebound for the local currency after weeks of pressure driven by strong demand for the dollar and limited supply in the foreign exchange market.
