Naira continues appreciation for third consecutive day

The naira continued to appreciate against the dollar at the official foreign exchange market on Wednesday, marking the third consecutive gain this week.

This is according to the Central Bank of Nigeria’s exchange data released on Wednesday.

The apex bank’s foreign exchange data indicated that it strengthened to N1,526.15 against the dollar on Wednesday, from N1,529.57 traded on Tuesday.

This means that the naira gained N3.42 against the dollar on a day-to-day basis.

Meanwhile, on the black market, the naira remained flat at N1,570 on Wednesday—the same exchange rate recorded the previous day.

Media Talk Africa reports that the naira appreciated against the dollar on both Monday and Tuesday.

This comes as the International Monetary Fund, in its latest Article IV Consultation, lauded CBN’s foreign exchange and monetary policy reforms.