Business
Naira Strengthens Again Against Dollar at Official FX Market
The Nigerian naira continued its upward trend on Wednesday, posting a notable appreciation against the US dollar at the official foreign exchange market. According to figures released by the Central Bank of Nigeria, the naira closed at N1,596.7 per dollar, improving from the N1,600.030 rate recorded the previous day. This marks a day-to-day gain of N3.33 for the local currency.
In contrast, the parallel market saw no movement, with the naira holding steady at N1,635 per dollar, the same rate as Tuesday. The latest appreciation follows a similar trend observed on Tuesday, underscoring the naira’s recent momentum in the official market.
The development comes as investors and analysts await the release of Nigeria’s Consumer Price Index for April 2025, expected on Thursday.