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 Wednesday gain is particularly notable as it surpassed the combined gains recorded on Monday and Tuesday, which stood at N6.88.

Black Market Also Records Gains

The positive trend was also observed in the parallel 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 on the black market.

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

This consistent appreciation across both official and parallel markets since Monday indicates a potential stabilization phase for the Nigerian currency, which has faced significant volatility in recent months.

Financial analysts are closely monitoring these developments to determine if this positive trend will continue in the coming days and what implications it might have for Nigeria's broader economic outlook.