The naira gained further strength against the US dollar in the official market, closing at ₦1,444.42 per dollar on Wednesday, amid renewed foreign exchange inflows and expanding reserves.
Data from the Central Bank of Nigeria (CBN) revealed that the official rate appreciated from ₦1,448.2050 recorded the previous day. The spot rate peaked at ₦1,450.00 per dollar during intraday trading, reflecting sustained market activity and improved liquidity levels.
Analysts note that the naira’s appreciation signals reduced pressure on dollar supply as the market stabilises. The currency’s steady performance also coincides with an increase in Nigeria’s gross external reserves, which rose to $43.109 billion — the highest since 2019.
CBN data showed the latest figure represents a sharp improvement from the previously reported $48.862 billion before the data update pause, marking renewed confidence in Nigeria’s external position and financial stability.
Economists suggest that a stable reserves position could further strengthen the local currency’s resilience in the coming weeks, especially as the apex bank continues its policy reforms to attract foreign investment.
