The naira appreciated by 0.34% in the official foreign exchange market on Tuesday, closing at N1,599/$1—up from the previous rate of N1,604.48/$1.
This is a continued endeavour by the local currency to regain stability after a period of intense pressure that pushed the value of the US dollar above the N1,600 threshold.
The naira’s improvement helped bring the dollar back below N1,600, showing both market resilience and ongoing intervention by the Central Bank of Nigeria (CBN).
In the parallel market, the naira also strengthened, gaining 0.31% to trade at N1,600/$1, compared to Monday’s close of N1,605/$1.
However, the naira depreciated slightly against the euro, weakening by 0.29% from N1,705/€1 to N1,710/€1. It maintained its previous rate of N2,032/£1 against the British pound.
The Nigerian Foreign Exchange Market (NFEM) continuously sees high demand for foreign currency. Nevertheless, the CBN’s interventions play a good role in stabilizing the market. Market participants expect the central bank to sustain its support in the coming days to ensure continued recovery of the naira.
