Business
Naira Extends Winning Streak, Records Third Consecutive Gain Against Dollar
The Naira strengthened for the third straight day this week, closing higher against the U.S. dollar at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed the local currency appreciated to ₦1,521.46/\$1 on Wednesday, marking a ₦4.6 gain from the previous day’s rate.
In contrast, the parallel market remained stable, with the Naira trading flat at ₦1,533/\$1, unchanged from Monday and Tuesday.
The sustained rebound at the official market underscores renewed confidence in the Naira, coinciding with a rise in Nigeria’s external reserves, which climbed to $41.46 billion as of September 2, 2025.
Analysts suggest the recent appreciation signals improved liquidity and growing foreign exchange stability, positioning the Naira more favourably against global currencies.
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