The Naira continued its upward trajectory on Wednesday, appreciating further at the official market to close at ₦1,596.70 to the US dollar.
According to data published on the Central Bank of Nigeria’s official website, the local currency gained ₦3.33 against the dollar.
This represents a 0.21 per cent appreciation compared to the ₦1,600.03 rate recorded at the close of trading on Tuesday.
The Naira had already shown signs of resilience earlier in the week, having appreciated by 0.02 per cent on Tuesday.
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Analysts attribute the currency’s recent strengthening to improved foreign exchange liquidity and sustained interventions by the Central Bank of Nigeria (CBN).
Market observers also point to growing confidence in ongoing monetary policy reforms as a contributing factor to the Naira’s steady performance in recent days.
Despite prevailing economic challenges, the recent trend has inspired cautious optimism among traders and investors monitoring the foreign exchange market.
The Naira’s performance this week continues to be closely watched as Nigeria intensifies efforts to stabilise its economy and attract foreign investment.
