The naira experienced a mild gain of 0.04% on Tuesday, closing at N1,611.55/$ in the official market—an improvement from Monday’s rate of N1,612.24.
Amid ongoing demand pressure in the foreign exchange market, the naira struggled to maintain its ground after witnessing the largest decline in a single trading session on Monday since the year began.
In other to stabilize the market, the Central Bank of Nigeria (CBN) sold $101.2 million between the rates of N1,603.15/$1 and N1,615/$1, with an additional $48.2 million sold between N1,603.11/$1 and N1,620/$1.
The Nigerian currency fluctuated between N1,634/$1 and N1,589/$1 during Tuesday’s trading session before finally settling at N1,611.55/$1, appreciating by 0.04% from its last close.
However, the reverse is the case in the parallel market as the naira lost 1.27% against the dollar, closing at N1,585/$1, from Monday’s close of N1,565/$1.
It worsened against the British Pound to N2,018/£1, from the prior close of N2,000/£1. Likewise, the euro fell by 0.91% to N1,670/€1, from the previous close of N1,655/€1.
As Trump’s tariffs sent shockwaves through the global market, foreign investors continued to take profits and exit the market, while the Nigerian Foreign Exchange Market suffered from the aftermath of these decisions.
The CBN’s continued intervention is crucial in helping to stabilize the market.
