The naira sustained its rally on Wednesday, closing at N1,500.91 to the United States dollar at the official Nigerian Foreign Exchange Market. The performance marked a significant milestone as the local currency traded below the N1,500/$ threshold for the second consecutive day.
According to data from the Central Bank of Nigeria, the naira fluctuated between N1,498/$ and N1,507/$ during the trading session. This marked a continuation of the positive trajectory seen since the beginning of September, when the naira opened at N1,526.09/$ at the NFEM. By Monday, it had firmed to N1,506/$, maintaining that rate on Tuesday before further appreciating midweek.
The last time the naira traded at N1,500/$ was March 5, 2025, underscoring the significance of the latest development in stabilizing the currency. The parallel market mirrored the trend, as the naira appreciated to between N1,515/$ and N1,517/$ on Wednesday, strengthening from N1,525/$ the previous day.