The naira recorded appreciation against the dollar at both parallel and official foreign exchange markets on Wednesday.

Exchange rate data from a Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan confirmed that the naira gained to N1615 per dollar on Wednesday from N1620 traded on Tuesday.

At the black market, the naira strengthened by N5 against the dollar on a day-to-day basis.

Similarly, the naira appreciated marginally at the official FX market to trade at N1,602.30 on Wednesday from N1,602.63 the previous day. This showed that the naira recorded a slight gain of N0.33 against the dollar on Wednesday compared to Tuesday.

DAILY POST reports Wednesday’s gain has undone the loss recorded in the country’s exchange markets on Tuesday.

The Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, on Tuesday noted that foreign exchange volatility was the major challenge the service faced in the first quarter of 2025, with 62 rate changes.

“Chief among these was exchange rate volatility, which continued to affect trade patterns and customs valuation.

“During Q1 2025, we recorded 62 changes in the exchange rate, ranging from a minimum of N1,477.72 to a maximum of N1,569.53 per USD, with an average rate of N1,521.59,” he said.