The Naira appreciated significantly against the dollar at the official foreign exchange market on Wednesday.
The Central Bank of Nigeria’s data showed that the Naira on Wednesday strengthened to N1,357.34 against the dollar up from N1,366.56 traded on Tuesday.
This means that the Naira gained N9.22 against the dollar on a day-to-day basis.
Meanwhile at the black market, the Naira remained relatively stable at N1395 per dollar on Wednesday, the same exchange rate on Tuesday.
The development comes as the country’s external reserves continued to suffer depletion, stood at $48,33 billion
as of May 5 2026.
Recall that the Naira depreciated against the dollar on Tuesday, after starting the week on a positive note at the official foreign exchange.
