The Naira gained against the dollar on the official foreign exchange market for the first time in the week since Friday, 14 March 2025.
According to the Central Bank of Nigeria’s official exchange rate figures, the Naira gained to N1,530.52 for each dollar on Wednesday, from N1,532.93 on Tuesday.
This implies that the Naira gained marginally by N2.41 against the dollar on Wednesday, compared to the N1532.93 traded the preceding day.
Meanwhile, the Naira depreciated N5 to finish at N1,585 per dollar on Wednesday, against N1,580 on Tuesday.
In a related reaction on Wednesday, the Centre for the Promotion of Private Enterprise stated that Dangote Refinery’s request to sell petroleum products in Naira for dollars will further devalue the local currency.
