The naira strengthened further on Wednesday in the parallel market, closing at ₦1,537 to the dollar—just ₦7 adrift from the official rate of ₦1,530, as reforms aimed at stabilising the foreign exchange market gain traction.
The local currency appreciated by ₦8 in the black market compared to Monday’s ₦1,545, while the official market saw a slight depreciation of ₦11.37.
Also Read: Naira Strengthens as Official-Black Market Gap Narrows to N26
Monday had marked a four-month high for the naira at ₦1,518.88, buoyed by improved dollar liquidity and easing demand pressures. The appreciation followed a one-day public holiday declared to honour former President Muhammadu Buhari.
According to CBN data, Nigeria attracted $5.03 billion in portfolio inflows in Q1 2025. Analysts say capital inflows remain essential to currency stability.
Year-to-date, the naira has lost only 0.2% of its value—signalling cautious optimism as reforms continue to inspire market confidence.
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