Naira Extends Winning Streak, Appreciates for Third Consecutive Day

The Naira continued its upward momentum on Wednesday, marking three consecutive gains against the U.S. dollar at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) shows that the local currency strengthened to ₦1,500.92/\$1, compared to ₦1,506.09/\$1 on Tuesday — a day-to-day appreciation of ₦5.17.

In the parallel market, the Naira held steady at ₦1,530/\$1, maintaining the same level since Monday.

So far this week, the currency has appreciated by a cumulative ₦5.92, buoyed by Nigeria’s rising external reserves, which climbed to $41.596 billion as of September 9, 2025.

The sustained gains underscore renewed confidence in the FX market as stronger reserves provide greater support for the Naira.