The Nigerian naira has continued to gain strength against the US dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira appreciated to N1,466.65 per dollar on Thursday, compared to N1,470.62 on Wednesday. This represents a gain of N3.97 against the dollar on a day-to-day basis.

In the official market, the naira’s appreciation is a positive development for the country’s economy. The currency’s strength can help to reduce the cost of imports and increase the competitiveness of Nigerian businesses. However, the situation is different at the black market, where the naira weakened by N3 to N1,503 per dollar, down from N1,500 in the previous period.

The disparity between the official and black market exchange rates highlights the challenges faced by the Nigerian economy. The Central Bank of Nigeria has been working to stabilize the currency and reduce the gap between the official and black market rates. The bank’s efforts have led to a significant reduction in the gap, but more work needs to be done to achieve a unified exchange rate.

The naira’s performance against the dollar is being closely watched by investors and economists. A stable currency is essential for attracting foreign investment and promoting economic growth. The Nigerian government has implemented various policies to support the naira, including restrictions on imports and incentives for exporters.

The recent appreciation of the naira is a welcome development, but it is essential to note that the currency’s value can fluctuate rapidly in response to changes in the global economy. The Central Bank of Nigeria will need to continue to monitor the situation closely and adjust its policies as needed to maintain stability in the foreign exchange market. As the Nigerian economy continues to evolve, the naira’s performance against the dollar will remain a critical indicator of the country’s economic health.