The Nigerian naira strengthened against the United States dollar on Tuesday, appreciating to N1,530 per dollar in the parallel market from N1,540 the previous day.
In the Nigerian Foreign Exchange Market, the official rate also improved, with the naira gaining value to N1,532.5 per dollar – marking a N3 appreciation from Monday’s rate of N1,535.5.
This development created a N2.5 gap between the parallel and official exchange rates, widening from Monday’s 50 kobo difference.
Data released by the Central Bank of Nigeria confirmed the currency’s positive performance, reflecting continued stability in the foreign exchange market. The narrowing spread between official and parallel market rates suggests improved liquidity and market convergence.
Market analysts attribute the naira’s appreciation to recent CBN interventions and improved dollar supply. However, they caution that sustaining this positive trend will depend on continued foreign exchange management policies and increased inflows from oil and non-oil sources.
