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The Naira extended its upward momentum yesterday, appreciating to ₦1,515 per dollar in the parallel market, compared to ₦1,518 per dollar on Tuesday.

In the official Nigerian Foreign Exchange Market (NFEM), the local currency also strengthened, closing at N1,486.8 per dollar. This reflects a N6.4 appreciation from the N1,493.2 per dollar recorded a day earlier

Data released by the Central Bank of Nigeria (CBN) confirmed the movement, with traders noting increased dollar supply and improved liquidity in the market. A market dealer explained that the trend suggests “renewed confidence in the Naira, especially as inflows from investors and exporters have been picking up in recent weeks.”

Another analyst added that “the consistent narrowing gap between the official and parallel market rates indicates that policy measures by the CBN are beginning to stabilise the currency.”

Observers believe the improvement could boost business confidence and reduce inflationary pressures, particularly in sectors heavily reliant on foreign exchange

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