The naira appreciated in the official market on Tuesday, closing at N1,579/$1, up from the last close of N1,582/$1.
The Nigerian currency’s upward momentum waxed stronger on Tuesday, strengthening by 0.19% against the U.S. dollar.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded between N1,577/$1 and N1,582/$1 during the day’s session.
In the parallel market, the naira’s performance was mixed. It depreciated by 0.31% against the dollar, falling to N1,610/$1 from N1,605/$1.
However, it appreciated by 0.23% against the British pound, trading at N2,140/£1 compared to the previous N2,145/£1. The naira also strengthened against the euro, gaining to N1,780/€1, from the prior N1,785/€1.
The naira’s continued appreciation in the official market shows an improvement in the economy, reflecting growing confidence in the Nigerian currency and potential stability in the foreign exchange market.
The Central Bank of Nigeria’s (CBN) strategic interventions will be crucial in maintaining the positive momentum.
