The Nigerian naira has continued its upward trajectory against the US dollar at the official foreign exchange market on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The naira strengthened to N1,539.72 against the dollar on Wednesday, an improvement from Tuesday's rate of N1,540.04. This represents a modest appreciation of N0.32 on a day-to-day basis.
Meanwhile, at the parallel market (commonly known as the black market), the naira maintained stability at N1,607 per dollar on Wednesday, unchanged from Tuesday's rate.
Recent Naira Performance
BenriNews reported on Tuesday that the naira had appreciated by N13 and N3 against the dollar across various foreign exchange markets. This positive trend follows several policy interventions by the apex bank.
CBN Governor Olayemi Cardoso has attributed the relative stability of the naira to the central bank's ongoing reforms in the foreign exchange sector. These reforms are part of broader measures to stabilize the Nigerian currency and improve liquidity in the forex market.
In a related development, BenriNews earlier reported that the CBN extended the recapitalization deadline for Bureau De Change (BDC) Operators by six months, a move expected to further strengthen the regulatory framework of the foreign exchange market.
The naira's recent performance indicates a positive trend in Nigeria's foreign exchange market, potentially signaling improved confidence in the country's economic management.
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