The naira strengthened by N8.01 against the US dollar at the official foreign exchange market on Wednesday. According to Central Bank of Nigeria (CBN) data, the currency settled at N1,378.70 per dollar, improving from N1,386.71 the previous day. The gain reflects slight market stability at the official window, where the CBN oversees forex transactions. No major policy changes or interventions were announced to explain the shift. Trading volume and demand levels remained within recent averages. The parallel market, however, saw the naira hold steady at around N1,480 per dollar, indicating a persistent gap between official and street rates. Investors continue to monitor CBN signals for clues on long-term forex strategy.
A gain of less than N10 means little when the naira has lost over a third of its value in a year. The CBN's official rate remains disconnected from what most Nigerians experience in the parallel market. Until the gap between N1,378 and N1,480 narrows, the minor uptick is more optics than reality. For businesses and households relying on dollar-priced goods, the cost of living stays unchanged.
