The Nigerian naira appreciated to N1,450 per US dollar in the parallel market on Wednesday, up from N1,455 per dollar recorded on Tuesday. This rise marks the third consecutive day of gains for the currency in the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to N1,359/$ at the official Nigerian Foreign Exchange Market (NFEM), rising from N1,367/$ previously. The N8 appreciation highlights a positive trend for the domestic currency.
The widening gap between the parallel and official market rates has increased to N91 per dollar, up from N88 per dollar, reflecting both market dynamics and investor sentiment. Analysts attribute the gains to improved forex inflows, growing investor confidence, and the CBN’s interventions in the currency market.
Economists say that sustained naira appreciation could reduce inflationary pressures and support economic stability, but caution that market volatility remains a factor. The CBN continues to monitor both official and parallel market trends to ensure currency stability while promoting growth in Nigeria’s economy.
