The Nigerian currency gained ground on Tuesday, with the naira appreciating to N1,555 per dollar in the parallel market, up from N1,560 per dollar recorded on Monday.
The upward trend was mirrored in the Nigerian Foreign Exchange Market (NFEM), where the naira closed stronger at N1,536.8 per dollar compared to N1,538.4 per dollar the previous day. Data from the Central Bank of Nigeria (CBN) shows the improvement represents a N2.2 appreciation at the official window.
With the latest movement, the gap between the official and parallel market rates has narrowed to N18.2 per dollar, down from N21.6 per dollar on Monday, a sign of increasing stability in the foreign exchange market.
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Currency traders and analysts have attributed the modest gains to improved dollar supply and sustained CBN interventions aimed at curbing volatility in the forex market. Market watchers say continued policy consistency could further strengthen the naira in the coming weeks, especially if dollar inflows remain steady.
The recent appreciation offers a glimmer of hope for import-dependent businesses and consumers battling the high cost of goods driven by previous naira weakness, although many stress that long-term stability will depend on broader economic reforms.
