The Naira recorded further appreciation at the official foreign exchange market on Tuesday, closing at N1,351.02 against the United States dollar, as sustained liquidity support and policy interventions bolstered confidence.
Data published on the Central Bank of Nigeria (CBN) website showed the local currency gained N3.23 at the end of trading, reflecting a 0.23 percent increase compared to Monday’s closing rate of N1,354.25 per dollar.
The continued strengthening marks an extension of recent gains in the official market, signaling gradual stability in Nigeria’s foreign exchange environment.
Market analysts attributed the modest rally to improved FX liquidity and ongoing Central Bank interventions aimed at narrowing volatility and restoring investor confidence.
According to financial observers, authorities appear to be carefully balancing reform measures with stabilization efforts to support orderly market movements.
Trading volumes remained moderate during the session, with dealers closely watching policy signals and liquidity flows for near-term direction.
Experts project that movements in the Naira may remain gradual in the short term, as monetary authorities sustain interventions while broader economic reforms take effect.
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