The naira has recorded a significant appreciation against the dollar at the official foreign exchange market, closing at ₦1,596.70 per dollar on Wednesday, a day-on-day gain of ₦3.33 from ₦1,600.03 on Tuesday.
According to data released by the Central Bank of Nigeria, this marks another day of positive momentum for Nigeria’s currency.
However, the parallel market remained unchanged, with the naira maintaining its rate at ₦1,635 per dollar.
The continued appreciation of the naira comes ahead of Thursday’s release of Nigeria’s Consumer Price Index for April 2025, a key economic indicator that could influence further movements in the forex market.
