The Naira bounced back against the United States dollar at the official foreign exchange market, appreciating on Wednesday.
Central Bank of Nigeria data showed that the Naira strengthened on Wednesday to N1,360.58 against the dollar, up from N1,364.89 exchanged on Tuesday.
This means that, on a day-to-day basis, the Naira firmed up by N4.31 against the dollar on Wednesday, reversing the losses recorded the previous day.
Meanwhile, at the black market, the Naira depreciated slightly by N1 to N1,430 per dollar on Wednesday from N1,429 traded on Tuesday.
The mixed sentiments across the official and parallel foreign exchange markets came as the country’s foreign reserves surged further to $52.17 billion as of August 11, 2026.
Recall that on Tuesday, the Naira depreciated on the official market but gained marginally at the black market.