Naira Posts Modest Appreciation
The Nigerian currency showed a slight recovery against the US dollar on Wednesday. It ended a recent streak of depreciation in the official market.
Data from the Central Bank of Nigeria showed the naira closed at N1,379.46 per dollar. This marks a small gain from N1,380.71 recorded the previous day.
The movement reflects a day-to-day appreciation of N1.25.
Black Market Shows Mixed Trend
At the parallel market, the naira traded differently. It stood at N1,395 per dollar on Wednesday.
This represents a slight drop compared to N1,393 recorded on Tuesday. Currency traders in Abuja reported the change, noting continued pressure in the informal market.
Foreign Reserves Continue Decline
Nigeria’s foreign reserves also showed a downward trend. Latest figures place reserves at $48.37 billion as of April 28, 2026.
The decline raises concerns about the country’s ability to sustain currency stability in the near term.
Recent Trend and Outlook
The naira had faced steady depreciation in recent days before this minor rebound. Analysts say market volatility and external pressures continue to influence exchange rates.
The latest figures suggest a temporary pause in the downward trend, but uncertainty remains in both official and parallel markets.
