Business
Naira Extends Gains for Third Straight Day
Naira Extends Gains for Third Straight Day
The naira continued its upward momentum against the dollar on Wednesday, recording its third consecutive day of appreciation at the official foreign exchange market. According to data released by the Central Bank of Nigeria (CBN), the naira closed at N1,526.15 to the dollar, strengthening from N1,529.57 the previous day. This reflects a daily gain of N3.42.
In contrast, the parallel market saw no movement, with the exchange rate holding steady at N1,570 to the dollar—unchanged from Tuesday’s rate.
The recent gains come as the International Monetary Fund (IMF), in its latest Article IV Consultation, praised the CBN’s ongoing foreign exchange and monetary policy reforms. The naira had also appreciated on both Monday and Tuesday, signaling continued support from policy measures aimed at stabilizing the currency.
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