On Wednesday, the official foreign exchange market saw the naira continue its three-day winning streak versus the dollar.
The naira strengthened more versus the dollar on Wednesday, according to data from the Central Bank of Nigeria (CBN), closing at N1,357.26 instead of the N1,361.05 exchanged on Tuesday.
This indicates that the official foreign exchange market had a daily appreciation of N3.79 against the dollar. The value of the naira has risen against the dollar in the past three days, according to Footynaija, adding N9.50.
Meanwhile, on Wednesday, the black market rate of the Nigerian currency was N1,395 per dollar, unchanged from the amount that was reported the day before.
Coincidentally, this news comes as CBN data shows that the country’s foreign reserves increased to $49.88 billion on June 2, 2026, from $49.80 billion the day before.
You may remember that on both Monday and Tuesday, the naira strengthened versus the dollar.