The naira recorded a marginal gain against the US dollar on Wednesday, appreciating to ₦1,615/$1 in the parallel market, up from ₦1,620/$1 recorded the previous day.
The positive trend was also reflected in the Nigerian Foreign Exchange Market (NFEM), where the naira strengthened to ₦1,583/$1, marking a ₦5.5 improvement from Tuesday’s rate of ₦1,588.5/$1, according to official figures published by the Central Bank of Nigeria (CBN).
The gains indicate a slight rebound in Nigeria’s local currency, though analysts say the fluctuations remain within a narrow band amid persistent dollar demand pressures.
Despite the appreciation, the gap between the official and parallel market rates widened marginally, with the spread increasing to ₦32/$1, compared to ₦31.5/$1 on Tuesday.
Currency traders in Lagos noted a drop in street-level demand on Wednesday, which may have contributed to the strengthened parallel market rate.
While the CBN continues to implement monetary tightening and increased FX interventions to stabilise the naira, market watchers warn that sustained progress will depend on improved dollar inflows and foreign investment confidence.
The naira’s performance remains a closely watched economic indicator as Nigeria grapples with inflationary pressures, foreign exchange liquidity challenges, and efforts to consolidate macroeconomic reforms.
