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The naira has appreciated slightly against the United States (US) dollar on Wednesday in both official and parallel markets.
The naira’s appreciation is a result of improved dollar supply and the Central Bank of Nigeria (CBN)’s continued intervention.
At the official market, the naira traded at about ₦1,373 per dollar, up from around ₦1,375 in the previous session, a small gain. On the parallel market (also known as the black market), the naira traded between ₦1,395 and ₦1,405 per dollar in Lagos and other major cities. That was a slight improvement from earlier rates at the start of the week.
Analysts said the naira’s better performance was due to greater dollar availability in the official market, less speculative buying, and the Central Bank’s actions to narrow the gap between the two markets.
The difference between the official and unofficial rates narrowed to about ₦20–₦30 per dollar, indicating greater stability than the wider gaps seen earlier this year.
Also, trading activity at the official Nigerian Foreign Exchange Market (NFEM) increased, meaning more authorised dealers and traders participated. Still, demand for dollars remains high due to imports, school fees, business payments, and travel needs.
Overall, the naira’s slight gain is a positive sign, but pressure on the currency is likely to continue.
