The naira recorded a significant appreciation against the dollar at the official foreign exchange market on Wednesday, marking another day of positive momentum for Nigeria’s currency.
According to data released by the Central Bank of Nigeria, the naira closed at ₦1,596.70 per dollar, strengthening from the ₦1,600.03 recorded on Tuesday. This reflects a day-on-day gain of ₦3.33.
Despite this improvement at the official window, the parallel market remained unchanged, with the naira maintaining its rate at ₦1,635 per dollar—the same level as Tuesday.
The continued appreciation of the naira comes ahead of Thursday’s release of Nigeria’s Consumer Price Index for April 2025, a key economic indicator that could influence further movements in the forex market.
