Naira Records Slight Gain Against Dollar at Official Market

Nigeria’s currency, the naira, noticed a slight appreciation against the United States dollar at the official foreign exchange market on Wednesday, according to market data.

The naira strengthened by about ₦1.65 against the dollar during trading at the official window, offering modest relief amid continued volatility in the foreign exchange market.

Market analysts say the advancements , though marginal, reflects ongoing efforts by the monetary authorities to stabilise the currency and improve dollar liquidity. They note that sustained gains will depend on consistent foreign exchange reforms, increased inflows, and investor confidence.

Despite the positive movement, experts caution that the naira remains under pressure due to high demand for foreign currency, import dependency, and broader economic challenges. They add that further developments in Nigeria’s foreign exchange policy will play a key role in determining future performance.

The official exchange market continues to be closely monitored by businesses, investors, and households, as fluctuations in the naira directly affect prices, imports, and overall economic activity.

Source: TVC News