The Naira continued its upward trajectory on Wednesday, appreciating further in the official market to close at ₦1,596.70 per U.S. dollar.

According to data published on the Central Bank of Nigeria’s (CBN) official website, the local currency gained ₦3.33 against the dollar marking a 0.21% appreciation compared to the ₦1,600.03 recorded at the close of trading on Tuesday.

The Naira had already shown signs of resilience earlier in the week, posting a 0.02% gain against the dollar on Tuesday.

Market analysts attribute the recent strengthening to improved foreign exchange liquidity and sustained interventions by the CBN. They also point to growing investor confidence in the country’s monetary policy reforms as a contributing factor to the currency’s relatively steady performance.

Despite ongoing economic challenges, the Naira’s recent movements reflect a sense of cautious optimism among traders and investors monitoring the foreign exchange market.

The currency’s performance this week is being closely watched as Nigeria intensifies efforts to stabilise the economy and attract foreign investment.