The naira gained ground against the US dollar on Wednesday, appreciating to ₦1,442 in the official foreign exchange market as increased dollar availability supported international transaction flows.
Market analysts credit the rise to recent foreign exchange interventions by the Central Bank of Nigeria (CBN), which have enhanced liquidity and boosted confidence in the market. The local currency has now recorded its third consecutive day of appreciation.
At the parallel market, Bureau de Change (BDC) operators reported a steady influx of remittance-linked dollar supplies, further easing pressure on the naira and helping to stabilise demand.
Improved FX inflows from exporter proceeds and international oil companies also contributed to the strengthened market conditions. During the trading session, the official spot rate hit an intraday peak of ₦1,445.50 per dollar — roughly ₦10 stronger than the previous day’s high of ₦1,455.
Data from the official window showed that some deals were executed at an intraday low of ₦1,436.50, reflecting the abundance of liquidity in the system. Analysts noted that the broad improvement in supply enabled the market to absorb significant demand for foreign payments without triggering volatility.
The Central Bank reported that the naira appreciated 0.24% to close at ₦1,442.92/$ in the official market, while at the parallel market it strengthened by 0.08% to ₦1,473/$ — an indication of cooling demand pressures and recovering sentiment across both segments of the FX landscape.
