The naira appreciated marginally against major currencies in the official market on Tuesday, while remaining stable in the parallel market.
The naira appreciated slightly against the United States dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, closing at N1,525.76/$1, compared to N1,526.10/$1 the previous day.
Data showed that the local currency also gained N26.30 against the Pound Sterling to settle at N2,040.03/£1, and advanced by N11.03 against the euro to N1,776.18/€1.
However, in the parallel market, rates remained steady. Street traders quoted the naira at N1,530–N1,540/$1, N1,770–N1,780/€1, and N2,080–N2,095/£1.
Market analysts attributed the slight appreciation to increased FX liquidity, efficient operations, and improved investor confidence in ongoing reforms. They expect the trend to continue, supported by inflows from foreign portfolio investors and non-oil exports.
Nigeria’s external reserves also rose to $40.654 billion, a $70 million increase, bolstering the Central Bank of Nigeria’s capacity to sustain stability in the forex market.