The Nigerian naira appreciated against the U.S. dollar at the official foreign exchange market on Wednesday, rebounding after the Eid-el-Fitr holidays.
According to data from the Central Bank of Nigeria (CBN), the naira strengthened to N1,531.25 per dollar, marking an improvement from N1,536.82 recorded last Friday. This represents a daily gain of N5.57, offering a brief relief for the local currency, which has faced volatility in recent months.
However, in the parallel (black) market, the naira slipped to N1,555 per dollar, weakening from N1,550 before the holiday break. This divergence highlights the persistent pressure on the naira despite gains in the official market.
Meanwhile, the CBN announced that Nigeria’s Net Foreign Exchange Reserve (NFER) has risen to $23.11 billion, its highest level in over three years. The increase in reserves is expected to support further currency stability in the coming months.
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