Naira Rallies at Official Market, Gains N3.02 Against Dollar

|By Babatunji Wusu-

-Naira Hits Strongest Gain of the Week in Official Market
–CBN Data Shows Naira Gains N3.02 Against Dollar in 24 Hours

The Naira continued its upward momentum against the United States dollar on Wednesday, posting its biggest gain of the week at the official foreign exchange market.

According to data from the Central Bank of Nigeria (CBN), the Naira appreciated to N1,596.68 per dollar, strengthening from N1,599.70 recorded on Tuesday. This represents a day-to-day gain of N3.02.

The local currency had only appreciated by N0.20 on Tuesday, making Wednesday’s performance the strongest rebound so far this week in the official market.

However, the black market told a different story. The Naira weakened by N3, trading at N1,608 per dollar on Wednesday, compared to N1,605 the previous day.

A Bureau de Change (BDC) operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed the trend.

“We bought at N1,602 per dollar and sell at N1,608,” he told our reporter.

The divergence between the official and parallel markets continues to reflect speculative trading pressure and market uncertainty, even as the CBN intensifies its interventions to stabilize the foreign exchange system.