Naira Gains Market-Wide Amidst Global Dollar Selloffs
The naira continued to gain ground across both exchange channels on Wednesday, edging up 0.05% to ₦1,400.48/$ at the office window after a sharp rally.
The spot rate also climbed by 0.45% to ₦1,469/$ in the parallel market, indicating enhanced currency confidence across both the regulated official segment and the informal foreign exchange market.
The official rate briefly touched N1392 per dollar on Wednesday as the US dollar came under intense sell pressure across global markets due to President Donald Trump’s trade policies.
A growing number of countries have been liquidating their U.S Treasury holdings in reaction to ‘unfriendly’ bilateral trade policies, fueling geoeconomic instability, which analysts said could tame growth.
The dollar is in a bear market, market watchers said on Wednesday, as analysts warned the weaker greenback is a “double-edged sword” for the U.S. economy.
Tuesday saw the dollar suffer its worst one-day slide since April, when Trump’s so-called “liberation day” announcements sparked what became known as the sell America trade.
The decline came after the president told reporters he believes the dollar is “doing great.” The U.S. dollar index, which measures the greenback against a basket of major rivals, has shed 2.2% so far this year, after falling more than 9% in 2025. NDDC to Fully Automate Procurement Processes by April – MD
