The Nigerian naira strengthened to ₦1,521.45 per dollar at the official foreign exchange (FX) window on Wednesday, marking its best performance since mid-July, according to new data from the Nigerian Foreign Exchange Market (NFEM).
This represents a 0.3% gain compared to the ₦1,526.05/$ recorded on September 2, as Nigeria’s currency continues a modest rebound in the official market.
According to the Central Bank of Nigeria (CBN), the last time the naira reached a comparable level was July 14, when it traded at ₦1,518.88 per dollar. Since the start of September, the local currency has shown relative stability, appreciating gradually each day from ₦1,526.09/$ on September 1 to ₦1,526/$ on September 2, and now ₦1,521.45/$.
Parallel Market Also Sees Modest Gains
At the parallel (black) market, the naira appreciated to ₦1,545/$, gaining slightly from the ₦1,540 rate that held steady between September 2 and 3.
Market analysts attribute the positive trend in both the official and unofficial markets to ongoing foreign exchange reforms and improved investor confidence.
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