NAIRA GAINS SLIGHTLY AGAINST DOLLAR AFTER TWO DAYS OF WEAKNESS

The Nigerian naira recorded a mild recovery against the U.S. dollar on Wednesday, ending two straight days of depreciation at the official foreign exchange market.

According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,537.07/$1 on Wednesday, compared to ₦1,537.61/$1 traded the previous day. This represents a marginal appreciation of just ₦0.54.

In the parallel (black) market, however, the exchange rate remained unchanged at ₦1,548/$1, the same level as Tuesday, as confirmed by Abubakar Alhasan, a Bureau de Change operator in Abuja’s Wuse Zone 4.

This movement in the forex market comes alongside a slight boost in the country’s external reserves, which rose from $41.19 billion on Monday to $41.22 billion on Tuesday, according to CBN figures.

Earlier in the week, the naira had weakened to ₦1,536.42/$1 on Monday and further to ₦1,537.61/$1 on Tuesday, before staging the marginal rebound.

While the improvement is slight, forex watchers say the interplay between Nigeria’s reserves, CBN policies, and market demand will continue to shape the naira’s movement in the days ahead.