The naira maintained the same rate as Monday’s N1,549/$1 close in the official market on Tuesday, maintaining stability and holding its ground after falling in the foreign exchange market previously amid demand pressures.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,547.50/$1 and N1,550.50/$1 during Tuesday’s trading session.
In the parallel market, it recorded a mixed performance against major foreign currencies, appreciating against the dollar to N1,585/$1, from the previous close of N1,590/$1.
Against the British pound, the naira declined to N2,150/£1, from a prior close of N2,140/£1 and depreciated against the euro to N1,780/€1, from last Friday’s close of N1,775/€1.
The Central Bank of Nigeria (CBN) has continuously provided support for the naira, supporting the naira’s performance.
However, the currency stability hinges on sustained oil revenues, continued foreign exchange inflow, and economic policies reinforcing investor confidence.
