Nigeria’s currency, the naira, recorded another gain against the US dollar at the official foreign exchange market on Thursday, according to figures released by the Central Bank of Nigeria (CBN).
Data from the apex bank showed that the naira closed at N1,371.51 per dollar, improving from N1,376.19 recorded on Wednesday. The latest figures indicate that the local currency appreciated by about N4.7 against the dollar within a day at the official market.
The continued strengthening reflects a short-term rally for the naira amid recent movements in Nigeria’s foreign exchange market. Analysts say the performance is closely linked to broader efforts aimed at stabilising the country’s currency.
However, a different trend was observed at the parallel market, where the naira weakened against the dollar during the same period. Currency traders reported that the exchange rate slipped to about N1,440 per dollar on Thursday, compared with N1,330 recorded the previous day.
Market watchers often note that discrepancies between the official and parallel market rates highlight ongoing pressures within Nigeria’s foreign exchange system.
Meanwhile, Nigeria’s external reserves have continued to grow, reaching approximately $50.03 billion as of March 11, 2026. Rising reserves are often viewed as a key factor that can support currency stability.
The latest appreciation follows a similar improvement recorded on Wednesday, when the naira also strengthened against the US dollar at the official foreign exchange market.
Economists say sustained stability in the foreign exchange market will depend on consistent inflows, effective monetary policy and improved economic fundamentals.
