The Nigerian naira clawed back some ground against the US dollar on Wednesday, snapping a losing streak in the official foreign exchange window, fresh data from the Central Bank of Nigeria shows.
The local currency settled at N1,360.58 per dollar, a slight improvement from the N1,364.89 recorded the previous session. That translates to a day-on-day gain of N4.31, enough to reverse the losses posted on Tuesday.
But the picture was less rosy on the streets. At the parallel market, the naira eased by N1, trading at N1,430 per dollar compared to N1,429 the day before.
The split fortunes between the official and black market come as Nigeria’s foreign reserves continue their upward march, hitting $52.17 billion as of August 11, 2026. The buffer offers some breathing room for policymakers navigating the currency’s volatile swings.
Tuesday had painted a contrasting image, with the naira slipping on the official market while managing a marginal gain in the parallel market. Wednesday’s mixed signals suggest traders remain cautious, weighing external pressures against the central bank’s efforts to stabilize the currency.
