Market News
Naira records highest appreciation against US dollar as foreign reserves hit $50.01bn - DAILY POST
The naira on Wednesday recorded its highest appreciation against the US dollar in three weeks at the official foreign exchange market as Nigeria’s foreign reserves rose to $50.01 billion.
Data from the Central Bank of Nigeria, CBN, showed that the local currency strengthened to N1,376.19 per dollar on Wednesday, compared to N1,401.40 recorded on Tuesday.
This represents a gain of N25.21 for the naira on a day-to-day basis, marking its strongest performance in the last three weeks. The improvement followed the currency’s break from a recent depreciation trend against the dollar on Tuesday.
However, the naira weakened slightly at the parallel market. It fell by N10 to N1,430 per dollar on Wednesday from N1,420 traded the previous day.
Meanwhile, CBN data indicated that Nigeria’s foreign reserves increased to $50.01 billion as of March 10, 2026, up from $49.99 billion recorded on March 9.
