The naira maintained stability in the parallel market on Tuesday, as it traded at its last close price of N1,535/$1.
Following its last depreciation against the U.S dollar on Monday, the naira maintained ground in the foreign exchange market as it held its prior rate despite demand pressures.
However, against the British pound, the naira appreciated to N2,090/£1 from its previous close of N2,095/£1, while it sold for N2,120/£1. Likewise against the euro, the naira strengthened to N1,770/€1 from N1,780/€1, as the sell price fell to N1,790/€1.
In the official market, the naira recorded a slight improvement as it appreciated slightly to N1,533/$1 tick from the previous close of N1,534/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency fluctuating between N1,520/$1 and N1,535.50/$1 during the trading session.
As the naira recorded a slight improvement across markets, the Central Bank of Nigeria (CBN) economic policies and consistent intervention will be pivotal in boosting market confidence and stabilizing the naira.
