Market News

The naira continued its appreciation against the US dollar at the official foreign exchange market on Thursday, according to data from the Central Bank of Nigeria (CBN).

Figures released by the apex bank showed that the local currency strengthened to N1,371.51 per dollar on Thursday, improving from the N1,376.19 recorded on Wednesday.

This indicates that the naira gained about N4.7 against the dollar on a day-to-day basis at the official market.

However, the reverse was the case at the parallel market, where the naira depreciated to N1,440 per dollar on Thursday from N1,330 traded the previous day.

The development comes as Nigeria’s external reserves continued to rise, reaching $50.03 billion as of March 11, 2026.

The latest appreciation follows a similar rally recorded on Wednesday, when the local currency also strengthened against the dollar at the official foreign exchange market.