The Nigerian naira continued gaining steadily against the US dollar during midweek trading sessions.
On the official market, it climbed to ₦1,400.66/$, reaching a monthly high.
Moreover, it had closed at ₦1,401.2/$ in the previous session, showing steady growth.
Steady Gains For The Naira
Meanwhile, the parallel, or black market, responded more cautiously, with rates ranging between ₦1,475 and ₦1,490.
Specifically, average buying stood at ₦1,480 and selling at ₦1,490, reflecting narrower spreads.
Analysts noted that regulatory reforms and improved foreign exchange liquidity supported the naira’s progress.
Daily gains ranged from 0.1% to 0.36%, maintaining a gradual upward trend throughout the week.
In addition, the naira continues its early 2026 rise, building on decade-high 2025 gains of 7%–9%.
Dollar Weakness Intensifies
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Meanwhile, the US dollar weakened sharply, hitting its lowest level since early 2022.
Furthermore, former President Trump’s remarks on the dollar’s decline appeared to accelerate the slide.
He expressed no concern, calling the previous strength of the dollar “great” during a press conference.
Consequently, the dollar index fell as much as 1.2%, worrying investors about US political instability.
In addition, concerns over US debt, trade policies, and erratic policymaking added further pressure.
Also, the Japanese yen’s sudden rebound contributed to the dollar’s ongoing weakness in global markets.
Investors Shift Strategy
Investors redirected funds into gold and emerging-market assets, seeking safer or more profitable options.
These developments show how local improvements in Nigeria can benefit from broader international currency shifts.
Therefore, traders continue monitoring rates closely, as political and economic events influence exchange trends.
With cautious optimism, the naira appears poised to sustain growth, provided liquidity and reforms continue.
