The local currency extended the positive momentum seen since the start of the week. Against the British pound, it appreciated to N2,085/£1 from N2,090/£1, while the selling price improved to N2,105/£1 from N2,110/£1.

However, against the euro, the naira recorded a slight dip, closing at N1,775/€1 from N1,770/€1, with the selling price easing to N1,790/€1 from N1,795/€1.

In the official market, the naira pushed the dollar further below the N1,500/$1 threshold, settling at N1,484/$1 compared to the previous N1,497/$1, reflecting its continued resilience.

Data from the Nigerian Foreign Exchange Market (NFEM) showed fluctuations between N1,479.50/$1 and N1,490/$1during Tuesday’s trading session.

Despite ongoing pressures in the foreign exchange market, the naira’s performance underscores steady resilience. Analysts note, however, that sustaining this strength will depend heavily on ongoing reforms and consistent capital inflows to reinforce market confidence.

This represents 5.49 per cent depreciation against the dollar, when compared with the level of N1,350 per dollar closed on Friday at the black market.

Traders attributed the naira weakness to increased demand for the greenback by end users who want to travel for business, tourism, health or education.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency closed flat on Friday at N1,400.40 per dollar, losing slightly by 0.16 per cent compared with N1,402.67 closed on Thursday.

The intraday high closed at N1,435 on Friday, stronger than N1,445 closed the previous day. The intraday low depreciated to N1,300.40 on Friday as against N1,299.42 on Thursday.

The volume of dollars supplied by willing buyers and willing sellers declined by 13.29 percent to $201.88 million on Friday from $232.84 million recorded on Thursday.

The Naira closed flat at N1,380 against the dollar on the parallel market (Leadership).