The naira maintained its previous rate in the official market on Tuesday, closing at N1,530/$1 in the foreign exchange market.
The naira’s stability in the market on Tuesday provided a momentary halt in frequent fluctuations, as it showed resilience against the US dollar in the Nigerian Foreign Exchange Market (NFEM).
According to NFEM data, the naira traded between N1,521/$1 and N1,531.50/$1 during Tuesday’s session.
In the parallel market, it maintained its previous rate, closing at N1,560/$1 on Tuesday, and N2,140/£1, same as its previous rate.
However, the naira fell against the euro to N1,775/€1, down from the prior close of N1,770/€1.
The currency’s stability across the official and parallel markets provides a momentary balance in the foreign exchange market, which is often characterised by fluctuations.
While this provides temporary relief for traders and businesses, it highlights the need for sustained economic policies and consistent interventions from the Central Bank of Nigeria (CBN).
