Naira gains strength for third day at official market

|By Adejumo Adekunle-

-CBN reports N3.42 daily gain
-IMF hails Nigeria’s forex policy reforms

The naira appreciated further against the dollar at the official foreign exchange market on Wednesday, recording its third consecutive gain this week.

Data from the Central Bank of Nigeria (CBN) showed the local currency closed at ₦1,526.15 per dollar on Wednesday, improving from Tuesday’s rate of ₦1,529.57. This reflects a day-to-day gain of ₦3.42.

At the parallel market, however, the naira remained unchanged, trading flat at ₦1,570 per dollar—the same rate recorded on Tuesday.

The steady appreciation follows similar upward trends recorded on Monday and Tuesday, signalling improved confidence in Nigeria’s currency management under the current monetary policy regime.

The development comes on the heels of the International Monetary Fund’s (IMF) latest Article IV Consultation report, in which the global financial body commended the Central Bank of Nigeria’s reforms in the foreign exchange market and monetary policy.

The IMF noted that recent policy adjustments had helped restore investor confidence and set the foundation for long-term economic stability.

Analysts believe the naira’s appreciation reflects a response to tightening measures by the CBN, improved FX liquidity, and continued interventions to manage demand pressures in the market.