ABUJA, Nigeria (FN), The Nigerian currency appreciated slightly at the official market on Wednesday, trading at 1,379.46 to the United States dollar, according to data released by the Central Bank of Nigeria.
The figure represents a gain of 1.24 compared to Tuesday’s closing rate, marking a modest improvement after several weeks of pressure on the currency.
Market data showed fluctuations during the day, with the highest rate recorded at 1,386 and the lowest at 1,365 before settling at 1,370.50 at closing.
Analysts said the appreciation reflects moderated demand and ongoing interventions by the Central Bank aimed at stabilizing the foreign exchange market. Nigeria’s foreign reserves stood at 48.37 billion dollars as of April 28, showing a slight decline.
Despite the official gain, parallel market rates remained higher, with bureau de change operators in Lagos selling at around 1,400 to the dollar. The Central Bank has repeatedly cautioned against reliance on unofficial rates, insisting that all transactions must go through authorized channels.
The modest appreciation is seen as a temporary relief for the naira, though experts warn that sustained stability will depend on broader economic reforms, improved foreign inflows, and tighter regulation of currency trading.
