The Nigerian naira extended its rally at the official foreign exchange market on Wednesday, closing at N1,583 per US dollar, according to data from the Central Bank of Nigeria (CBN).
This marks the third consecutive day of gains for the local currency.
Compared to Tuesday’s rate of N1,588.5/$1 and Monday’s N1,597/$1, the naira’s latest performance reflects cautious optimism in the market.
Intra-day trading showed the naira fluctuated between a high of N1,590/$1 and a low of N1,582.5/$1, with an average rate of N1,584.25/$1.
In other official market trades, the naira stood at N2,126.23 to the British pound and N1,795.07 to the euro, indicating continued fluctuations across cross-currency rates.
At the parallel market, the naira remained unchanged at N1,625/$1 on Wednesday, the same as Tuesday’s rate, and slightly firmer than Monday’s N1,627/$1.
Other major currency rates in the parallel market included:
Pound Sterling: N2,155/£1 on Wednesday, up from N2,145 on Tuesday and N2,142 on Monday.
Euro: N1,820/€1 on Wednesday and Monday, slightly lower than Tuesday’s N1,825/€1.
Analysts welcomed the naira’s recent appreciation in the official market, describing it as a promising sign.
However, they warned that continued progress depends on stable forex inflows, inflation control, and sustained economic reforms.
