The naira strengthened further against the US dollar at the Nigerian Foreign Exchange Market (NFEM), closing at N1,360.15/$ on Wednesday, its strongest level since June 16, 2026.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated by N4.85 from the N1,365/$ recorded on Tuesday, representing a 0.36 per cent gain. (Nairametrics)
The latest appreciation extends the naira’s recovery after coming under pressure during much of July, with the currency now trading below most of the levels recorded last month.
The naira has gained N21.35, or 1.55 per cent, from the N1,381.50/$ recorded on July 17. It has also strengthened by N14.35, or 1.04 per cent, from its July 21 closing rate of N1,374.50/$.
The latest rate, however, remains slightly weaker than the N1,356.50/$ recorded on June 16.
Steady August recovery
The naira has recorded relatively stable performance in the official foreign exchange market since the beginning of August.
It closed at N1,365/$ on August 3 before settling at N1,363.11/$ on August 5 and N1,365.10/$ on August 6. The currency then appreciated to N1,364/$ on August 7 and N1,361.50/$ on August 10.
After returning to N1,365/$ on Tuesday, the currency gained N4.85 on Wednesday to close at N1,360.15/$.
Compared with the N1,368/$ recorded at the end of July, the latest rate represents an appreciation of N7.85, or 0.57 per cent.
The recovery has partially reversed the losses recorded in July, when the naira weakened from N1,369/$ at the beginning of the month to N1,381.50/$ by July 17.
The currency subsequently began to recover, closing at N1,374.50/$ on July 21, N1,369/$ on July 22 and N1,361/$ on July 24, before ending the month at N1,368/$.
The latest strengthening comes amid relatively subdued activity in the official FX market. NFEM turnover fell to $185 million on August 11, its lowest level in 11 weeks, according to earlier data reported by Nairametrics. (Nairametrics)
The continued appreciation of the naira in August indicates a gradual improvement in the currency’s performance after the volatility witnessed in July, although trading conditions and foreign exchange liquidity remain key factors to watch.
