Again, naira appreciates drastically against dollar at FX official market

The naira, again appreciated drastically against the dollar at the official foreign exchange market to end Wednesday on a negative note.

The Central Bank of Nigeria’s data showed that the naira strengthened further to N1,596.7 per dollar on Wednesday from N1,600.030, which was recorded on Tuesday.

This means that Nigeria’s currency appreciated by N3.33 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the naira remained flat at N1,635 per dollar, the same rate recorded on Tuesday.

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Recall that the naira sustained appreciation against the dollar on Tuesday.

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This comes as Nigeria expects its April 2025 consumer price index on Thursday.