The naira recorded a modest appreciation at the official foreign exchange market in mid-week trading, even as it slipped slightly in the parallel market, reflecting mixed but stabilising exchange-rate dynamics.
Data from the Central Bank of Nigeria (CBN) showed the local currency closed at N1,359/$ on Wednesday, improving from N1,367/$ on Tuesday and N1,384.5/$ on Monday.
In the parallel market, however, the naira traded at N1,453.13/$ on Wednesday, compared with N1,445/$ on Tuesday.
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The spread between official and parallel market rates narrowed to N94, down from N96 a week earlier — an indication of gradual convergence and improving dollar liquidity.
Analysts attribute the strengthening of the official market to sustained external reserves, policy tightening, and improved investor sentiment following recent credit rating developments. Nigeria’s external reserves stood at $46.59 billion as of February 2, 2026, supporting exchange-rate stability and intervention capacity.
Overall, the movements suggest easing pressure on the currency and improving confidence in ongoing foreign-exchange reforms.
