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The naira continued its appreciation against the dollar in the official foreign exchange market on Wednesday, marking its third consecutive day of gains this week.
According to exchange data released by the Central Bank of Nigeria (CBN) on Wednesday, the apex bank’s figures show the naira strengthened to N1,526.15 against the dollar on Wednesday, improving from the N1,529.57 it traded on Tuesday. This translates to a gain of N3.42 against the dollar on a day-to-day basis.
However, the naira remained flat on the black market, holding steady at N1,570 on Wednesday, the same exchange rate recorded the previous day.
It’s worth noting that the naira had also appreciated against the dollar on both Monday and Tuesday. This sustained positive trend in the official market comes as the International Monetary Fund (IMF), in its latest Article IV Consultation, has lauded CBN’s foreign exchange and monetary policy reforms.
