The naira continued to strengthen against the US dollar at Nigeria’s official foreign exchange market on Wednesday. Data from the Central Bank of Nigeria showed that the currency improved slightly to ₦1,418.26 per dollar, compared with ₦1,419.07 recorded on Tuesday. This means the naira gained about 80 kobo in one day, continuing its recent upward trend.

Although the movement at the official window was small, it confirmed that the naira has been stable for several days. Earlier in the week, the currency recorded a stronger jump after gaining over ₦10 against the dollar. Analysts say the steady performance reflects better market confidence and improved supply of foreign exchange.

At the parallel, or black market, the naira remained unchanged at ₦1,480 per dollar, the same rate it traded the previous day. This suggests that while official rates are improving, the impact is yet to be fully felt across all segments of the currency market.

The naira’s recent performance is also linked to Nigeria’s growing external reserves, which rose to about $45.62 billion as of January 6, 2026. Higher reserves give the Central Bank more capacity to support the currency and meet dollar demand, which helps reduce pressure on the naira.