The Nigerian Naira has strengthened for the third straight day against the US dollar at the official foreign exchange market, marking a notable positive shift in currency performance.
According to data from the Central Bank of Nigeria (CBN), the Naira appreciated to around ₦1,400.48 per US$1 on Wednesday, improving from about ₦1,401.22 traded the previous day a daily gain of roughly ₦0.74.
This continued rally follows a surge in recent sessions that saw the Naira hit its strongest levels in months, largely reflecting increased foreign exchange liquidity and sustained policy support.
In addition to gains at the official window, the Naira also strengthened slightly in the parallel (black) market, where it moved to approximately ₦1,485 per dollar, up from ₦1,490 the previous session.
Analysts point to growing foreign reserves reportedly above $46 billion supporting the currency’s stability and appetite among traders as key drivers behind this momentum.
Stay tuned for more updates as markets continue to react to forex policy shifts and global economic dynamics.
Image Credit: DAILYPOST
Source : DAILYPOST
