The naira continued its upward trajectory on Tuesday, recording a notable appreciation against the United States dollar at the Nigerian Foreign Exchange Market (NFEM).
According to data published on the official website of the Central Bank of Nigeria (CBN), the naira exchanged for N1,540.0481 per dollar at the close of trading. This marks a gain of N13.07 compared to Friday’s rate of N1,553.1157 per dollar.
The recent surge extends a trend of consistent appreciation observed over the past week, signaling a measure of stability and renewed confidence in the local currency.
The positive momentum is also reflected in the parallel market, popularly known as the black market, where the local currency traded at around N1,605 to the dollar on Tuesday — slightly stronger than previous weeks.
Market analysts attribute the naira’s recent gains to a combination of sustained foreign exchange reforms by the CBN, improved dollar liquidity, and positive investor sentiment.
