The Nigerian naira recorded its highest single-day appreciation against the US dollar at the official foreign exchange market on Wednesday, continuing its positive momentum for the third consecutive day this week.

According to data from the Central Bank of Nigeria (CBN), the naira strengthened to N1,565.46 per dollar on Wednesday from N1,579.27 recorded on Tuesday. This represents a significant appreciation of N13.81 against the dollar on a day-to-day basis, marking the highest gain since Monday, June 2, 2025.

The impressive gain recorded on Wednesday surpassed the combined gains of Monday and Tuesday, which stood at N6.88, highlighting the accelerating strength of the national currency in the official market.

Parallel Market Also Shows Improvement

The positive trend was also reflected in the parallel market, commonly known as the black market. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, confirmed to BenriNews that the naira strengthened to N1,613 per dollar on Wednesday from N1,614 traded the previous day.

"We buy at N1600 and sell at N1613 on Wednesday compared to N1615 on Tuesday," Alhasan stated.

The naira has been on an appreciating trend across all foreign exchange markets since the beginning of the week, signaling potential stabilization after periods of volatility in recent months.

Implications for the Nigerian Economy

This strengthening of the naira could have positive implications for import-dependent businesses and potentially help in managing inflation, which has been a significant concern for Nigerian consumers and businesses alike.

The continued appreciation of the naira against the dollar suggests that recent monetary policies and foreign exchange management strategies implemented by the Central Bank might be yielding positive results.

Market analysts will be watching closely to see if this positive trend continues in the coming days and whether it signals a longer-term stabilization of Nigeria's currency in both the official and parallel markets.