The Nigerian naira recorded further appreciation against the U.S. dollar on Tuesday, strengthening to N1,343.76 in the official foreign exchange market.
Data published on the Central Bank of Nigeria (CBN) website showed that the local currency gained N12.41, or 0.9 per cent, compared to its closing rate of N1,356.18 per dollar on Monday.
This marks the second consecutive week of sustained gains for the naira, which has remained relatively stable in recent trading sessions. Analysts attribute the positive run to ongoing foreign exchange reforms by the CBN, including efforts to boost liquidity and clear outstanding demand pressures.
The latest appreciation signals growing confidence in the central bank’s policy direction, although market participants continue to watch for potential pressures from dollar demand by importers and foreign portfolio investors.
While the official rate improved, the naira traded around N1,470–N1,490 per dollar on the parallel market on Tuesday, maintaining a gap that reflects lingering demand for hard currency outside the official window.
Traders expect the naira to remain range-bound in the coming days, barring any major shifts in dollar supply or CBN policy announcements.