Nigeria’s naira posted a modest recovery against the US dollar at the official foreign-exchange window on Tuesday, while the parallel-market rate held steady as the country’s external reserves continued to climb.
Official-market rate edges higher
Central Bank of Nigeria figures showed the currency strengthened for the first time this week, ending Tuesday at N1,330.87 to the dollar, compared with N1,331.69 on Monday.
- The naira’s day-on-day gain at the official market was N0.82 against the dollar.
- The improvement followed weaker official-market closes on both Monday and the previous Friday.
Parallel market remains unchanged
Trading in the unofficial market showed no movement on Tuesday. The naira was quoted at N1,370 per dollar, matching the level recorded a day earlier.
Reserves provide market backdrop
The currency-market developments came as Nigeria’s external reserves rose further, reaching $54.98 billion. The larger reserve buffer is a significant factor for foreign-exchange liquidity and the central bank’s capacity to support the naira.
