The naira depreciated marginally on Tuesday, closing at N1,532.39/$1 in the official market, a 0.07% drop from the previous rate of N1,531.19/$1.
However, the currency maintained relative stability against the dollar. Data from the Nigerian Foreign Exchange Market (NAFEM) showed that the naira fluctuated between N1,537/$1 and N1,528.31/$1 during the trading session.
To support the currency, the Central Bank of Nigeria (CBN) intervened by selling $27.9 million at rates between N1,528.31/$1 and N1,534/$1.
In the parallel market, the currency weakened further, exchanging at N1,565/$1 compared to N1,560/$1 on Monday.
Against the British pound, the Nigerian currency depreciated to N2,000/£1, down from N1,980/£1. It also fell against the euro, dropping 0.60% to N1,670/€1, from its previous rate of N1,660/€1.
Analysts expect the CBN to sustain its interventions to stabilise the naira as time goes on.
