The naira recorded a mild recovery against the US dollar on Wednesday, supported by continued inflows into Nigeria’s external reserves, which climbed to $41.22 billion — the highest level since 2021.
Data from the Central Bank of Nigeria (CBN) showed that the official FX rate closed at ₦1,537.07 per dollar, compared to ₦1,537.61 the previous day. The currency touched an intraday high of ₦1,538.50 before closing at ₦1,537.20, after reaching a low of ₦1,536.25.
At the parallel market, the naira appreciated to ₦1,542 per dollar, with banks offering customers foreign exchange through naira debit cards at ₦1,544 per dollar.
Analysts attributed the recovery to dollar inflows from foreign portfolio investors who recently participated in the CBN’s open market operations. They added that the steady rise in reserves would continue to anchor stability in the FX market, barring any external shocks.
CBN data confirmed that Nigeria’s gross external reserves increased from $41.19 billion at the start of the week to $41.22 billion on Tuesday, reflecting sustained inflows that are shoring up confidence in the local currency.
