The naira maintained its previous rate in the official market on Tuesday, closing at N1,545/$1.
Withstanding mounting pressure in the foreign exchange market, the Nigerian currency held firm against the U.S. dollar, ending the day’s trading session at the same level as the previous session.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira traded between N1,541/$1 and N1,547.90/$1 during the day.
Again, the naira performed well in the parallel market. It weakened slightly against the dollar, closing at N1,595/$1 compared to Monday’s close of N1,590/$1.
In contrast, it appreciated against the British pound, strengthening to N2,135/£1 from N2,140/£1, and improving against the euro at N1,775/€1, up from N1,780/€1.
The naira’s performance showed resilience despite heightened demand pressure in the market. Ensuring stability will require consistent intervention from the Central Bank of Nigeria.
