The Nigerian currency, the Nigerian Naira, appreciated at the official market on Wednesday, trading at ₦1,376.19 against the United States Dollar, according to figures released by the Central Bank of Nigeria (CBN).
Data published on the apex bank’s website showed that the naira gained ₦25.20 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The increase represents a 1.8 percent appreciation compared to Tuesday’s closing rate of ₦1,401.40 per dollar at the same market.
The recovery comes after the local currency experienced nearly two weeks of depreciation before beginning to rebound on Tuesday and extending its gains on Wednesday.
Market analysts attributed the improvement partly to increased foreign exchange supply and the impact of ongoing economic reforms, which they say are gradually restoring confidence in the official market.
Some traders also linked the naira’s appreciation to stronger inflows from exporters and foreign portfolio investors participating in the market.
The CBN has repeatedly maintained that its reforms are designed to enhance liquidity, transparency, and stability within the country’s foreign exchange system.
A market update on the bank’s website stated that the naira strengthened by ₦25.20—equivalent to a 1.8 percent gain—against the dollar at NAFEM.
The development signals a modest recovery for the currency after weeks of pressure driven by strong demand for the dollar and limited supply.
