Nigeria’s currency, the naira, continued to gain against the dollar across official and parallel foreign exchange markets on Tuesday.
The Central Bank of Nigeria’s exchange rate data showed that
the naira rose further to N1,579.27 against the dollar on Tuesday from
N1,581.58, which was traded on Monday.
This means that the naira strengthened by N2.31 on Tuesday
from N1,581.58 exchanged on Monday.
Similarly, it was appreciated significantly, from N15 to
N1,600 per dollar on Tuesday from 1615, exchanged on the previous day at the
black market.
Naira recorded significant FX markets on Monday.
The development comes as CBN’s deadline for the
recapitalization of Bureau De Change Operators expired on Tuesday, June 3,
2025.
Despite occasional fluctuations, the Naira has recorded
relative stability in the last six months at the foreign exchange markets.
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