Naira-and-Dollars (2) (1).webp
The Nigerian naira rebounded on Wednesday, appreciating against the US dollar in both official and parallel foreign exchange markets. This uptick follows a recent dip, signaling potential stability as the Central Bank of Nigeria (CBN) reaffirms confidence in the currency’s competitiveness.

  • Official Market: Naira rose to N1,584.49/1, gaining N5.96 from Tuesday’s rate of N1,590.45.
  • ParallelMarket: Strengthened to N1,625/1, gaining N5.96 from Tuesday’s rate of N1,590.45
  • CBN Assurance: Governor Olayemi Cardoso emphasized the naira’s stability and improved payment system in West Africa during the 300th Monetary Policy Committee meeting.
  • Weekly Shift: This marks the naira’s first appreciation this week after Tuesday’s decline.
While the naira’s midweek gains offer cautious optimism, its volatility underscores the ongoing challenges in Nigeria’s forex market. The CBN’s proactive stance may be pivotal in sustaining this momentum. Currency markets remain a rollercoaster, but even small gains hint at progress.

Is this a temporary rebound or the start of sustained naira recovery?