Nigeria’s naira has strengthened against the US dollar, closing at ₦1,327.78 per dollar at the Nigerian Foreign Exchange Market (NFEM).
The latest figure, recorded on Tuesday, represents an appreciation of ₦2.02 from the previous session’s rate of ₦1,329.80, according to data attributed to the Central Bank of Nigeria (CBN).
The movement marks a further modest gain for the naira as the currency continues to trade around the ₦1,300-per-dollar level in the official market.
Meanwhile, the dollar was quoted at about ₦1,389 in the parallel market on Tuesday, compared with ₦1,390 previously, leaving a gap of roughly ₦61 per dollar between the two markets.
Market rates can vary depending on the bank or foreign exchange dealer, transaction size, location and prevailing demand and supply conditions.
The naira’s recent movement comes amid ongoing developments in Nigeria’s foreign exchange market, including changes in dollar liquidity, foreign exchange demand and monetary policy.
