Nigeria's currency gained ground against the dollar Wednesday at the official foreign exchange market. Central Bank data showed the Naira closed at N1,357.34, up from N1,366.56 the previous day.
That's a daily gain of N9.22 per dollar. The appreciation comes after Tuesday's losses when the unit weakened against the greenback.
On the parallel market, however, activity remained flat. Dealers quoted the Naira at N1,395 per dollar, unchanged from Tuesday's closing.
The Naira's strength at the official window contrasts with mounting pressure on reserves. Nigeria's external reserves fell to $48.33 billion as of May 5, 2026.
Analysts have expressed concern about the reserve depletion trend. Sustained outflows could limit the Central Bank's ability to defend the currency in coming weeks.
