The naira appreciated against the dollar on Wednesday across both the official and parallel foreign exchange markets.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate showed that the naira strengthened to N1,584.49 per dollar on Wednesday, up from N1,590.45 traded on Tuesday. This indicates a daily gain of N5.96.
In the parallel market, the naira also gained ground, appreciating by N3 to trade at N1,625 per dollar on Wednesday, compared to N1,628 on Tuesday.
This follows a day of depreciation in the black market on Tuesday.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, addressed the recent performance of the naira during the 300th Monetary Policy Committee (MPC) meeting held on Tuesday.
He stated that the currency remains stable and that Nigeria benefits from a more competitive payment system within the West African region.