Naira Records Highest Single-Day Gain Against Dollar
In a significant development, the Nigerian naira has achieved its highest single-day appreciation against the US dollar at the official foreign exchange market. This milestone marks a notable turnaround for the country’s currency, which has been gaining strength over the past three days. According to data from the Central Bank of Nigeria, the naira strengthened to N1,565.46 per dollar on Wednesday, up from N1,579.27 on Tuesday. This substantial gain of N13.81 represents the largest daily increase since June 2, 2025, surpassing the combined gains of the previous two days.
The naira’s appreciation is not limited to the official market, as it has also continued to gain ground on the black market. Abubakar Alhasan, a Bureau de Change operator in Abuja, reported that the naira strengthened to N1,613 per dollar on Wednesday, compared to N1,614 the previous day. "We buy at N1,600 and sell at N1,613 on Wednesday, compared to N1,615 on Tuesday," he explained. This trend suggests that the naira’s growth is a widespread phenomenon, cutting across different foreign exchange markets.
The naira’s recent performance is a welcome development for Nigeria, which has been working to stabilize its economy and boost investor confidence. As the country’s currency continues to appreciate, it is likely to have a positive impact on trade, investment, and economic growth. With the naira’s value increasing, Nigerian businesses and individuals may find it easier to import goods and services, while foreign investors may view the country as a more attractive destination.
As the naira’s upward trend continues, it will be important to monitor its progress and assess the underlying factors driving its growth. For now, the news is a boon for Nigeria and its economy, and it will be interesting to see how this development unfolds in the coming days and weeks. One thing is certain, however: the naira’s resurgence is a significant story that will be closely watched by economists, investors, and observers around the world.
