The current naira to dollar exchange rate strengthened on Wednesday as the Nigerian currency rebounded to N1,376.19 per dollar at the official market after the Central Bank of Nigeria (CBN) resumed dollar sales to ease pressure in the foreign exchange market.
Data released by the apex bank showed that the naira appreciated by N25.21 in a single trading session, representing a 1.83 percent gain compared to N1,401.40 per dollar recorded earlier in the week at the Nigerian Foreign Exchange Market (NFEM).
During Wednesday’s trading session, the dollar traded between N1,373 and N1,388 at the official market, according to figures published by the CBN.
In the parallel market, commonly known as the black market, the naira to dollar exchange rate remained unchanged at N1,440 per dollar.
However, the gap between the official market and the parallel market widened to N64, equivalent to 4.7 percent, compared to N39 or 2.8 percent recorded the previous day.
The rebound in the exchange rate is coming amid a steady increase in Nigeria’s foreign reserves, which give the central bank greater capacity to stabilise the currency.
Data on the CBN website shows that external reserves rose to $50.01 billion as of March 10, 2026.
The CBN Governor, Olayemi Cardoso, said the improvement reflects stronger economic fundamentals and policy reforms aimed at restoring confidence in Nigeria’s foreign exchange market.
“The improvement in reserves reflects stronger external fundamentals and ongoing policy reforms aimed at restoring confidence in the FX market,” Cardoso said.
