The Nigerian naira rebounded on Wednesday, gaining value against the US dollar in both official and parallel foreign exchange markets.
The Central Bank of Nigeria (CBN) reported that the official exchange rate rose to ₦1,584.49/$1 from ₦1,590.45/$1 on Tuesday, representing a ₦5.96 day-on-day gain.
Additionally, the naira strengthened in the parallel market, trading at ₦1,625/$1, up from ₦1,628/$1 the previous day, gaining ₦3.
This week, the naira has appreciated for the first time across both segments of the forex market, providing a rare glimmer of hope for the local currency amidst ongoing volatility.
The improvement comes after CBN Governor Olayemi Cardoso’s comments at the conclusion of the apex bank’s 300th Monetary Policy Committee meeting on Tuesday.
Governor Cardoso voiced optimism about the naira, noting that Nigeria’s currency is gaining stability and the country has a competitive payment system in West Africa.
