Nigeria’s currency, the naira, strengthened further against the United States dollar at the official foreign exchange market on Tuesday, continuing its recent upward trend.
Figures published on the Central Bank of Nigeria’s website showed the naira closed at N1,351.02 to the dollar, gaining N3.23 from Monday’s rate of N1,354.25.
The increase represents a 0.23% appreciation, signalling modest but steady progress for the local currency in recent trading sessions.
Financial analysts say the improvement reflects better liquidity conditions and ongoing interventions by the central bank to stabilise the foreign exchange market. Investor sentiment, however, remains cautious.
Market observers expect movements in the exchange rate to remain gradual in the coming weeks, as policymakers balance economic reforms with efforts to strengthen confidence.
Trading volumes were described as moderate, with currency dealers closely watching for further policy signals from monetary authorities.
