The Nigerian naira continued its upward trend at the official foreign exchange market on Wednesday, appreciating to N1,583 per US dollar, according to figures from the Central Bank of Nigeria (CBN).
This marks a slight but steady gain from N1,588.5/$1 recorded on Tuesday, and N1,597/$1 at the start of the week on Monday.
Intra-day trading data revealed that the naira traded at a high of N1,590/$1 and a low of N1,582.5/$1, with a simple average rate of N1,584.25/$1. The gains indicate cautious optimism as the local currency strengthens for the third consecutive day.
In cross-currency performance at the official market, the naira traded at N2,126.23/£1 and N1,795.07/€1, reflecting the broader volatility in the forex market.
The parallel market remains stable
Meanwhile, at the parallel market, the naira maintained stability, closing at N1,625/$1 on Wednesday, the same rate as Tuesday, according to market sources in Lagos. The rate had stood at N1,627/$1 on Monday.
For other major currencies in the parallel market:
- The naira exchanged at N2,155.00/£1 on Wednesday, a slight increase from N2,145.00/£1 on Tuesday and N2,142.00/£1 on Monday.
- Against the euro, it traded at N1,820/€1 on both Wednesday and Monday, and N1,825/€1 on Tuesday.
The continued appreciation of the naira at the official market is seen as a positive sign, although analysts caution that sustained stability will depend on consistent forex supply, inflation management, and broader economic reforms.
