The naira on Wednesday appreciated to a near one-month high of N1,357.26 per dollar in the official foreign exchange market as liquidity conditions improved amid rising external reserves. The last time the local currency traded around the same level was on May 6, 2026, when it closed at N1,357.34 per dollar.
Data published by the Central Bank of Nigeria (CBN) showed that the naira strengthened by N3.79, with the dollar quoted at N1,357.26 on Wednesday, compared with N1,361.05 on Tuesday at the Nigerian Foreign Exchange Market (NFEM).
Figures for total turnover and the number of deals at the NFEM window on Wednesday were not available as of the time of reporting. However, market activity on Monday and Tuesday showed that total NFEM turnover declined by 14.97 percent to $676.43 million on Tuesday from $795.55 million recorded on Monday. The number of deals also fell to 376 from 392 over the same period.
Activity in the interbank segment weakened further on Wednesday. The number of deals declined by 19.05 percent to 136 from 168 on Tuesday, while total interbank turnover fell by 21.25 percent to $133.73 million, compared with $169.82 million recorded a day earlier.
In the parallel market, commonly referred to as the black market, the naira depreciated by N8, or 0.57 percent, to close at N1,393 per dollar on Wednesday, compared with N1,385 per dollar, where it had traded since Friday last week. As a result, the gap between the official and parallel market rates narrowed to N18 per dollar from N24 per dollar on Tuesday.
