Naira gains N3.39 against dollar at official market after Eid holiday
By Aboki Forex —
The naira appreciated against the dollar on Wednesday as trading resumed after the Eid-ul-Mawlid public holiday. Central Bank of Nigeria data showed the currency strengthened to N1,343.59 per dollar, from N1,346.98 on Monday.
That means the naira gained N3.39 in the official foreign exchange market between Monday and Wednesday. In the black market, the naira also firmed by N3 to close at N1,407 per dollar on Wednesday.
Holiday trading pattern
Tuesday was declared a public holiday for Eid-ul-Mawlid, so trading was paused. The naira had ended Monday on a negative note ahead of the break, but Wednesday's data showed a rebound in both official and parallel market rates.
The latest official rate of N1,343.59 reflects continued demand management in the foreign exchange market, while the parallel market rate of N1,407 per dollar still leaves a gap of about N63 between the two windows.
External reserves keep climbing
The naira gains come amid a continued surge in the country's external reserves. Reserves grew to $53.11 billion as of August 24, 2026, according to the latest figures.
Rising external reserves provide a buffer for the central bank to defend the currency, especially as it intervenes in the official market to manage volatility. The steady build-up gives traders some confidence that the naira can hold recent gains.
For Nigerian businesses, the slight appreciation offers some relief on import costs and pricing pressure, though the parallel market premium remains a concern for companies that rely on unofficial dollar sources.