The naira maintained its rate in the official market on Tuesday, holding firm at N1,529/$1, the same as the previous day.
According to data from the Nigerian Foreign Exchange Market (NFEM), the currency traded between N1,527/$1 and N1,532.50/$1 during Tuesday’s session
This marks the third consecutive day the naira has held this level, signalling a moment of calm in the foreign exchange market and suggesting that ongoing economic reforms may be taking effect.
In the parallel market, however, the naira weakened slightly against other foreign currencies. It fell to N1,555/$1 from N1,550/$1, dropped to N2,135/£1 from N2,130/£1 and declined to N1,790/€1 from N1,780/€1.
The naira’s relative stability in the official market indicates that Nigeria’s ongoing economic reforms are beginning to yield results.
However, sustained intervention by the Central Bank of Nigeria (CBN) will be pivotal in maintaining this stability.
