The Nigerian naira strengthened for the third consecutive day at the official FX market, closing at N1,357.26 per dollar amid rising foreign reserves. The parallel market rate remained unchanged.
The Nigerian naira continued its upward trend against the US dollar on Wednesday at the official foreign exchange market, marking the third consecutive day of appreciation.
According to data released by the Central Bank of Nigeria (CBN), the naira strengthened to N1,357.26 per dollar, compared to N1,361.05 on Tuesday, representing a daily gain of N3.79. Over the past three trading sessions, the local currency has accumulated a total appreciation of N9.50 against the dollar.
This sustained improvement in the official market occurs alongside a notable increase in the country's foreign reserves, which rose to $49.88 billion on June 2, 2026, up from $49.80 billion the day before. In contrast, the parallel market (black market) saw the naira hold steady at N1,395 per dollar, unchanged from the previous day's rate.
Analysts suggest that the rising foreign reserves may be bolstering confidence in the naira's value, though the persistent spread between the official and black-market rates indicates ongoing disparities in FX liquidity and access. The Central Bank's recent policy measures, including interest rate adjustments and efforts to streamline FX allocation, appear to be contributing to the currency's performance.
However, some experts caution that sustained appreciation will depend on broader economic fundamentals, such as oil revenue, foreign investment inflows, and inflation control. The naira's movement has been closely watched by businesses and consumers amid concerns about imported inflation and purchasing power. While the official market shows optimism, the parallel market remains relatively stable but at a significant premium, reflecting underlying market segmentation.
The CBN's continued intervention and regulatory actions will likely play a pivotal role in determining the currency's trajectory in the coming weeks
Naira Appreciation CBN Exchange Rate Nigerian Forex Reserves Official Vs Black Market Rates Currency Stabilization
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