The naira has achieved its fourth consecutive day of appreciation against the US dollar at the official foreign exchange market. As reported by the Central Bank of Nigeria (CBN), the naira strengthened to N1,346.91 per dollar on Thursday, up from N1,347.53 the previous day, marking a daily gain of N0.62.

This positive trend for the naira comes amidst a week of consistent gains against the dollar, indicating a potential shift in the currency's performance in the official market. However, the situation in the black market tells a different story, as the naira has continued to depreciate. On Thursday, it was exchanged at N1,390 per dollar, a decline from N1,385 the day before.

The recent fluctuations in the naira's value coincide with a notable drop in the country's external reserves, which have decreased to $55.26 billion. This marks the first decline in reserves for an extended period, raising concerns about the sustainability of the naira's appreciation in the official market.

Market analysts are closely monitoring these developments, as the dual nature of the currency's performance—appreciating in the official market while depreciating in the black market—could have significant implications for the Nigerian economy. The CBN's management of the foreign exchange market will be crucial in determining the future trajectory of the naira as it navigates these challenging economic conditions.