Naira strengthens against dollar across official, black markets

The Nigerian naira saw a boost on Wednesday, appreciating against the US dollar across both the official and parallel (black) foreign exchange markets—a welcome development after earlier dips this week.

According to data from the Central Bank of Nigeria (CBN), the naira gained N5.96, trading at N1,584.49/$1 on Wednesday compared to N1,590.45/$1 on Tuesday in the official window.

A similar trend was observed in the parallel market, where the naira appreciated by N3, moving from N1,628/$1 on Tuesday to N1,625/$1 on Wednesday.

This marks the first time this week that the naira has strengthened simultaneously across both markets—a potential sign of stabilizing sentiment and improved confidence in the local currency.

Speaking at the end of the 300th Monetary Policy Committee (MPC) meeting on Tuesday, CBN Governor Olayemi Cardoso reaffirmed the stability of Nigeria’s currency. He highlighted the country’s improved and competitive payment system, which he said positions Nigeria as a leader in West Africa’s financial space.

Analysts say the recent gains may be linked to increased dollar liquidity and market confidence in the CBN’s foreign exchange policies, as well as ongoing efforts to unify the exchange rate and curb speculation.