The Nigerian naira strengthened against the United States dollar in both parallel and official markets on Tuesday, continuing its recent recovery trend.
In the parallel market, the naira appreciated to ₦1,545 per dollar from ₦1,550 recorded over the weekend, marking a ₦5 gain. The official Nigerian Foreign Exchange Market saw an even stronger performance, with the naira climbing to ₦1,528.65 per dollar compared to ₦1,532 at last week’s close.
According to data published by the Central Bank of Nigeria, this represents a ₦3.35 appreciation in the official market. The narrowing gap between both markets is particularly noteworthy, with the margin reducing to ₦16.35 per dollar from ₦18 over the weekend.
This positive movement comes as the CBN continues its aggressive monetary policies to stabilize the national currency. Market analysts attribute the naira’s strengthening to recent foreign exchange market interventions and improved dollar liquidity.
The reduced spread between official and parallel market rates suggests progress in the CBN’s efforts to unify exchange windows and curb speculative activities. However, economic experts caution that sustaining this trend will require continued fiscal discipline and increased foreign investment inflows.
