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The naira gained on Tuesday in the parallel market, appreciating to N1,535/$1 from its previous close of N1,545/$1.
The local currency also recovered slightly against other major currencies. Against the British pound, it strengthened to N2,075/£1 from N2,080/£1, while the sell price remained unchanged at N2,100/£1.
Similarly, it appreciated against the euro, trading at N1,770/€1 from N1,775/€1, with the sell price easing to N1,790/€1 from N1,800/€1.
However, the naira weakened marginally at the official window, where it closed at N1,535/$1 compared to N1,534/$1 on Monday. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,534/$1and N1,535.50/$1 during Tuesday’s session.
The naira’s mixed performance reveals ongoing supply and demand pressures in the forex market. Analysts note that consistent interventions by the Central Bank of Nigeria (CBN) remain critical in stabilising the currency.
