Naira Strengthens to ₦1,590 Per Dollar Amid CBN’s Ongoing FX Support

The Nigerian naira gained ground on Wednesday, marking a significant improvement in both the official and parallel markets, driven by continued foreign exchange interventions by the Central Bank of Nigeria (CBN).

At the black market, the naira appreciated to ₦1,590/$, recovering from the previous day’s range of ₦1,595–₦1,600/$. Similarly, the official exchange rate showed a slight uptick, improving from ₦1,550/$ to ₦1,549/$, according to CBN data.

The recent uptrend in the currency is largely credited to the CBN’s strategic interventions, policy adjustments, and renewed efforts to attract foreign capital. Experts suggest that these initiatives are playing a key role in stabilizing the naira and could sustain the current exchange levels in the near future.

Additionally, economic measures introduced by the Tinubu administration—such as fiscal reforms and stronger monetary coordination—have improved investor confidence, drawing more foreign portfolio investments into the country.

Adding to the positive momentum, the U.S. dollar’s broader weakness in global markets has created a favorable backdrop for emerging currencies, including the naira, aiding its modest recovery.