According to data published by the Central Bank of Nigeria (CBN), the Naira appreciated to ₦1,534.83 per dollar, compared to ₦1,537.09 traded on Tuesday. This reflects a ₦2.26 day-on-day gain for the local currency at the official window.
At the parallel (black) market, traders also reported a rebound as the Naira closed at ₦1,565 per dollar, up from ₦1,570 the previous day. The ₦5 improvement comes after a two-day slide that had pushed the currency lower against the greenback earlier in the week.
On Monday and Tuesday, the Naira weakened in both official and unofficial markets, continuing a pattern of volatility that has characterized Nigeria’s foreign exchange landscape in recent months.
The rebound on Wednesday signals renewed demand support for the currency, although analysts note that broader pressures — such as dollar demand for imports, portfolio outflows, and global currency shifts — remain a challenge.
Market watchers suggest that the short-term trajectory of the Naira will depend heavily on sustained CBN interventions, dollar supply from exporters and investors, and fiscal reforms aimed at stabilizing Nigeria’s economy.
The rebound provides a temporary relief but highlights the ongoing balancing act between market forces and regulatory measures shaping the Naira’s performance.