The naira strengthened in the official market on Wednesday, closing at N1,521/$1, a 0.46% improvement from its last close of N1,539/$1 on Tuesday.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,520/$1 and N1,530/$1 during the official trading hours on Wednesday.
Its movement in the market showed a significant improvement from the official rate of N1,529/$1 it has held since the beginning of the week.
The currency strengthened against major foreign currencies in the parallel market, building on its trajectory in the official market.
Appreciating to N1,540/$1 from its prior close of N1,555/$1, naira maintained its ground against the British pound, closing at N2,135/£1, same as its previous close.
Similarly, against the euro, it appreciated N1,785/€1 from its prior rate of N1,790/€1.
The naira’s improvement in the foreign exchange market after holding steady for three consecutive days reflects the impact of sustained Central Bank interventions and improved forex liquidity. While the gain may seem modest, it signals growing market confidence in ongoing monetary reforms.
