Nigeria’s naira continued its upward momentum on Wednesday, appreciating to ₦1,394 per US dollar at the official Nigerian Foreign Exchange Market (NFEM), its strongest level in recent times. The local currency had earlier closed at about ₦1,401.2/$ before breaking below the ₦1,400 mark amid sustained gains.
Okay News understands that analysts attribute the naira’s improvement partly to a broad weakening of the US dollar, which has fallen sharply against major global currencies.
The parallel (black) market recorded a slower reaction to the official market gains, though the gap between both rates remains. Market watchers also noted reduced volatility in the naira compared to previous sessions.
The global dollar sell-off follows concerns over US economic policy direction, with the greenback now trading at a four-year low against a basket of major currencies.
The euro, pound sterling, and Japanese yen all posted strong gains, reinforcing emerging market currencies like the naira as confidence in the dollar continues to wane.
