Once again, the naira saw a notable appreciation against the US dollar in the official foreign exchange market, closing Wednesday on a positive trajectory. According to data from the Central Bank of Nigeria, the naira strengthened to N1,596.7 per dollar on Wednesday, up from N1,600.03 recorded on Tuesday, an improvement of N3.33 in a single day.
In contrast, the black market exchange rate remained unchanged at N1,635 per dollar, consistent with Tuesday’s rate.
This marks a continuation of the naira’s upward trend, which began earlier in the week.
The development comes ahead of the expected release of Nigeria’s Consumer Price Index for April 2025 on Thursday.
