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The naira showed signs of recovery against the US dollar at the official foreign exchange market on Wednesday after two straight days of decline.

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Official figures released by the Central Bank of Nigeria (CBN) revealed that the local currency appreciated slightly to ₦1,537.07 per dollar, compared to ₦1,537.61 traded on Tuesday. This represents a marginal gain of ₦0.54 on a day-to-day basis.

At the parallel market, however, the naira held steady. “We sold at ₦1,548 per dollar on Wednesday, the same as Tuesday,” confirmed Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja

The improvement in the official market coincided with a slight uptick in the nation’s external reserves, which climbed to $41.22 billion on Tuesday, up from $41.19 billion on Monday, according to CBN data.

Currency analysts attributed the modest rebound to tighter liquidity management and interventions from the apex bank. “The CBN’s policy adjustments are beginning to reflect in the market, though the gains are still marginal,” one analyst told DAILY POST.

Earlier in the week, the naira had slipped to ₦1,536.42 and ₦1,537.61 per dollar on Monday and Tuesday, respectively, at the official market, before Wednesday’s modest bounce

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