On Wednesday, the Nigerian naira experienced its most significant growth against the US dollar in the official foreign exchange sector. Figures released by the Central Bank of Nigeria indicate the currency improved to N1,369.64 per dollar, compared to the N1,375.31 rate observed the previous day.
This shift represents a daily increase of N5.67, standing as the currency’s strongest performance of the week. Parallel market traders in Abuja reported a similar trend, with the naira rising by N10 to reach a selling price of N1,415 per dollar.
These gains coincide with an increase in national external reserves, which reached $52.03 billion on Tuesday. This market activity follows the recent decision by the Monetary Policy Committee to keep the national benchmark interest rate fixed at 26.50 percent.
