The naira strengthened further in the black market on Tuesday, edging higher to N1,505/$ from the previous day’s rate of N1,510/$1.
Sustaining its previous momentum, the naira appreciated further against the U.S. dollar, reflecting improved market confidence and easing demand pressures in the foreign exchange market.
The Nigerian currency also appreciated against the British pound to N2,065/£1 and N2,070/£1 while it maintained the same sell price of N2,090/£1 as the previous day.
Against the euro, it depreciated to N1,765/€1 from N1,760/€1, while the sell price rose to N1,785/€1 from N1,780/€1.
In the official market, the naira declined to N1,487/$1 from the previous day’s close of N1,489/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuating between N1,482.55/$1 and N1,495/$1 during Tuesday’s trading session.
The naira’s strength signals renewed momentum in the foreign exchange market, though sustained gains will require firm fiscal discipline and consistent monetary reforms.
