Naira to Dollar rate today, Wednesday, November 26 as naira gains against dollar

The Nigerian Naira gains against dollar on Wednesday as the currency recorded a strong improvement at the official foreign exchange market following the Central Bank of Nigeria’s latest monetary decision.

On Tuesday, the local currency traded at N1,446.32 per dollar, compared to N1,453.85 recorded on Monday, according to fresh CBN data.

Official market records strongest rise in two weeks

The change means the Naira gains against dollar by N7.52 in a single day, marking the highest daily improvement in the past two weeks.

Financial experts say the Naira gains against dollar may be linked to improved confidence from investors after the apex bank retained its benchmark interest rate at 27 per cent.

During its 303rd Monetary Policy Committee meeting, the CBN also kept other monetary indicators unchanged, signalling that its tight policy approach will continue. Analysts believe the decision is aimed at slowing inflation, managing liquidity, and supporting currency stability.

Black market remains unchanged

However, at the parallel market, the Naira gains against dollar were not reflected.

Currency traders told news men that the rate stayed at N1,465 per dollar on both Monday and Tuesday, with demand and supply described as steady.

Foreign reserves maintain healthy position

The Naira gains against dollar development comes as Nigeria’s foreign reserves remained firm at $44.46 billion, based on figures published by the apex bank.

Economists note that stable reserves are crucial for defending the currency and assuring international investors.

Despite the improvement, observers say the Naira gains against dollar could face pressure if import demand rises or global oil prices weaken.

They also stressed the need for long-term reforms to boost local production and reduce reliance on foreign exchange.