The naira strengthened to N1,349.5 per US dollar on Tuesday, making it the first time it traded below the N1,350/$ mark since May 29, 2024.
Data from the official foreign exchange market showed the local currency improved from N1,354.9 per dollar recorded on Monday.
The latest appreciation reflects sustained gains in the official market and comes amid rising external reserves and expectations ahead of the Central Bank of Nigeria’s upcoming Monetary Policy Committee meeting.
In contrast, the parallel market rate remained weaker, highlighting mild but persistent pressure in the unofficial segment of the foreign exchange market.
The development underscores the ongoing efforts to stabilize the naira while narrowing the gap between official and street rates.
The naira closed at N1,349.5 per dollar in the official market on Tuesday, strengthening from N1,354.9 per dollar recorded the previous day.
This marks the first time the currency has traded below the N1,350 threshold since May 29, 2024, when it was quoted at N1,329.65 per dollar.
The parallel market rate stood at N1,443.68 per dollar on Tuesday, compared to N1,443.40 per dollar on Monday.
The improving reserve position and sustained gains in the official window point to stronger foreign exchange liquidity conditions in the market.
The latest appreciation reflects sustained gains in the official market and comes amid rising external reserves and expectations ahead of the Central Bank of Nigeria’s upcoming Monetary Policy Committee meeting.
Nairametrics
