The Naira appreciated to N1,382.63 against the U.S. dollar at the official market on Tuesday, recovering from losses recorded in the previous two trading sessions, according to data from the Central Bank of Nigeria.
The local currency gained N5.75, representing a 0.4 per cent increase compared to Monday’s closing rate of N1,388.38 per dollar.
Monday’s figure reflected trading activities after the Sallah break, during which the Naira had weakened.
Before the holiday, the Naira had shown signs of steady appreciation at the official window, indicating a period of relative stability in the market.
However, that trend was disrupted on Wednesday, March 18, when the currency recorded its first decline, closing at N1,353.90 per dollar ahead of the Sallah break.
Tuesday’s rebound points to a slight recovery in the official market, even as the Naira continues to experience fluctuations in response to broader foreign exchange dynamics.
