The Nigerian Naira extended its winning streak against the US Dollar on Wednesday, reaching a significant multi-period high of ₦1,358.28 in the official market.
This 1.08% appreciation reflects a substantial influx of dollar liquidity at the Central Bank’s FX window, which effectively met international payment demands and bolstered confidence in the local currency.
This positive momentum was mirrored in the informal market, where the Naira gained 0.87% to close at ₦1,431/$.
Market analysts attribute the sustained rally to a combination of factors, including increased foreign portfolio investment, steady supply from non-bank corporates, and rising oil revenues that have enhanced the nation’s external reserves.
This reserve accretion has significantly improved the Central Bank’s capacity to defend the currency against speculative pressures.
The strengthening Naira is already providing tangible relief to Nigerian businesses. Companies with heavy import requirements are finding it increasingly affordable to settle foreign obligations, effectively lowering their operational costs.
With current trends suggesting further appreciation toward the ₦1,300–₦1,350 range in the first quarter of 2026, currency sentiment remains robust as investors continue to convert foreign holdings into Naira to take advantage of opportunities within the domestic financial markets.