The Nigerian naira recorded another significant appreciation against the US dollar at the official foreign exchange market on Wednesday, according to data from the Central Bank of Nigeria (CBN).

Nigeria's currency strengthened to ₦1,596.7 per dollar on Wednesday, improving from Tuesday's rate of ₦1,600.03, representing an appreciation of ₦3.33 in a single trading day.

Meanwhile, at the parallel market (commonly known as the black market), the naira maintained stability, trading flat at ₦1,635 per dollar, unchanged from Tuesday's rate.

This latest appreciation continues a positive trend for the naira, which has been gaining ground against the dollar in recent trading sessions. The currency's performance comes as Nigeria prepares for the release of its April 2025 Consumer Price Index (CPI) data on Thursday, which will provide insights into the country's inflation situation.

Economic analysts are closely monitoring the naira's performance in the foreign exchange market, as currency stability remains a critical factor for Nigeria's economic outlook. The narrowing gap between the official and parallel market rates suggests improving liquidity conditions in the forex market.

The CBN has implemented various measures in recent months aimed at stabilizing the foreign exchange market and boosting investor confidence in the Nigerian economy.

Market watchers will be paying close attention to how the naira performs in the coming days, particularly after the release of the April inflation figures, which could influence monetary policy decisions and currency movements.