According to figures from the Central Bank of Nigeria (CBN), the naira appreciated to N1,537.07/$1 on Wednesday, compared to N1,537.61/$1 recorded on Tuesday — a modest gain of 54 kobo.
At the parallel market, however, the local currency held steady, trading at N1,548/$1, the same rate as Tuesday, a Bureau de Change operator in Abuja’s Wuse Zone 4, Abubakar Alhasan, confirmed.
The movement in the currency coincided with a slight rise in Nigeria’s external reserves, which climbed to $41.22 billion as of Tuesday, up from $41.19 billion on Monday, based on CBN data.
Earlier in the week, the naira had slipped to N1,536.42/$1 on Monday and N1,537.61/$1 on Tuesday at the official market.