The Nigerian naira continued its upward trend against the United States dollar at the official foreign exchange market on Wednesday, according to data from the Central Bank of Nigeria. The local currency strengthened to N1,418.26 per dollar, representing a gain of N0.80 compared to the previous day’s rate of N1,419.07.
This development marks a second consecutive day of appreciation for the naira, following a N10.24 gain against the dollar on Tuesday. The currency’s recent performance is a positive sign for Nigeria’s economy, which has been working to stabilize its exchange rates and boost foreign investment.
In contrast, the naira remained stable at the black market, exchanging at N1,480 per dollar, the same rate as the previous day. The black market rate often serves as an unofficial benchmark for the currency’s value, and its stability suggests that the official and unofficial markets are moving in tandem.
Nigeria’s foreign reserves have also seen a significant increase, rising to $45.62 billion as of January 6th, 2026. This growth in reserves is a key indicator of the country’s economic health, as it provides a buffer against economic shocks and supports the stability of the naira.
The recent appreciation of the naira is a welcome development for Nigeria’s economy, which has faced challenges in recent years due to fluctuations in global oil prices and other external factors. As the country continues to work towards economic diversification and growth, a stable exchange rate will be crucial in attracting foreign investment and promoting trade.
The Central Bank of Nigeria’s efforts to manage the foreign exchange market and stabilize the naira have been yielding positive results, with the currency showing signs of strength in recent days. As the economy continues to evolve, it will be important to monitor the naira’s performance and the country’s foreign reserves to gauge the effectiveness of these efforts. With a stable exchange rate and growing foreign reserves, Nigeria is well-positioned to attract investment and drive economic growth in the coming months.
