Nigeria's currency gained ground against the dollar on Wednesday at the official forex market.
According to Central Bank data, the naira strengthened to N1,370.56 per dollar from N1,375.6219 the previous day.
That represents an appreciation of N5.1 in a single session. It marked the currency's first gain after two consecutive days of weakness.
On the parallel market, however, movement stalled completely. The naira held steady at N1,395 per dollar, matching Tuesday's closing rate.
The bounce-back came as Nigeria's foreign reserves climbed to $48.48 billion as of May 12, 2026.
The apex bank's data showed the reserve increase provided some support to the domestic unit.
Analysts have attributed recent volatility in the forex market to various external pressures.
They're watching whether the gains hold or if depreciation resumes in coming sessions.
