Naira Extends Gains for Third Day, Closes at N1,357.26 at Official Market

The naira continued its winning streak against the dollar on Wednesday at the official foreign exchange market, marking the third consecutive day of appreciation. Data from the Central Bank of Nigeria (CBN) showed the naira closed at N1,357.26 per dollar on Wednesday, up from N1,361.05 recorded on Tuesday. This represents a daily gain of N3.79.

Over the past three trading days, the naira has strengthened by a total of N9.50 against the greenback at the official market. The steady appreciation signals improved liquidity and demand dynamics in the official window.

At the parallel market, the naira remained unchanged, trading flat at N1,395 per dollar on Wednesday, the same rate as the previous day. The black market rate continues to trade at a premium of about N37.74 above the official rate.

The development comes as Nigeria's foreign reserves surged to $49.88 billion as of June 2, 2026, up from $49.80 billion recorded a day earlier, according to CBN data. The increase in reserves provides additional support for the naira's recent gains.

Recall that the naira also appreciated against the dollar on Tuesday and Monday, reflecting a broader trend of recovery in the local currency.