The Nigerian currency, the naira, recorded a marginal appreciation on Tuesday as it traded at an average of N1,345.47 per dollar in the official market, signaling continued stability in the foreign exchange segment.
Data from the Nigerian Foreign Exchange Market showed that the currency strengthened slightly compared to the previous session, briefly reaching a high of N1,345.87 during early trading hours.
Market analysts attribute the improved performance to sustained liquidity and ongoing regulatory oversight by the Central Bank of Nigeria, which has continued to promote transparency and efficient price discovery in the official window.
The relative calm in the official market is also being supported by consistent interbank activity, with turnover levels reflecting stable participation among financial institutions.
In the parallel market, commonly referred to as the black market, the dollar traded between N1,390 and N1,405 across major commercial cities such as Lagos, Port Harcourt, and Kano.
Although a noticeable gap still exists between official and informal rates, traders report reduced volatility compared to previous weeks, offering a more predictable environment for small-scale importers and retail buyers.
Financial experts note that improved investor sentiment, driven by stronger external reserves and increased foreign portfolio inflows, has contributed to the naira’s recent stability.
They added that efforts to unify exchange rates remain a priority for monetary authorities, with current trends suggesting gradual convergence between both market segments.
For businesses and individuals, the latest exchange rates indicate a period of consolidation, as the market continues to adjust to both domestic monetary policies and global currency pressures, particularly the strength of the U.S. dollar.
