The Nigerian naira has recorded its third consecutive day of appreciation against the United States dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira rose to N1,400.48 per dollar on Wednesday, up from N1,401.22 the previous day, representing a gain of N0.74.
This upward trend is also reflected in the parallel market, where the naira strengthened by N5 to N1,485 per dollar, compared to N1,490 on Tuesday. The improvement in the naira’s value comes as the country’s foreign reserves grew to $46.04 billion as of January 26, 2026, according to the apex bank’s data.
The recent gains are a significant development, especially given the naira’s performance in recent months. On Tuesday, the naira recorded its highest gain against the dollar in months, indicating a positive trend. The increase in foreign reserves is also a welcome development, as it provides a buffer against economic shocks and supports the central bank’s efforts to stabilize the currency.
The appreciation of the naira is likely to have a positive impact on the economy, as it makes imports cheaper and increases the purchasing power of consumers. It also reflects the central bank’s efforts to manage the currency and maintain economic stability. The growth in foreign reserves is a testament to the country’s improving economic fundamentals and its ability to attract foreign investment.
The Nigerian economy has been working to recover from the challenges posed by the COVID-19 pandemic and other global economic headwinds. The recent appreciation of the naira and the growth in foreign reserves are positive indicators of the country’s progress. As the economy continues to evolve, it is essential to monitor the performance of the naira and the foreign exchange market to understand the implications for businesses, investors, and consumers.
