Naira records highest two-day gain against US dollar

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The naira achieved its greatest two-day increase against the US dollar in the official forex market.

Data from the Central Bank of Nigeria indicated that the Naira increased to N1,358.28 on Wednesday, following a Tuesday value of N1,372.91.

This indicates a daily appreciation of the naira against the dollar by N14.63.

It should be remembered that on Tuesday, the national currency appreciated by N17.45 against the dollar, which means the naira has strengthened by N32.08 at the official foreign exchange market over the past two days.

This indicates that the national currency is slowly moving towards N1300 per dollar, a rate it last reached in March 2024.

According to various Bureau De Change operators in Wuse Zone 4, Abuja, the naira was valued at N1,460 per dollar on Wednesday in the black market.

The naira’s upward movement in the official foreign exchange market coincides with a rise in the country’s external reserves, which reached $46.70 billion as of February.

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