The naira has broken a six-month barrier, appreciating to ₦1,497/$ at the official market.
The Nigerian naira gained ground against the United States dollar on Tuesday, trading below ₦1,500/$ for the first time in over six months.
According to data from the Central Bank of Nigeria (CBN), the currency closed at ₦1,497.46/$, compared to the previous close of ₦1,501.49/$, representing a 0.27% appreciation. The last time the naira traded below ₦1,500 in the official market was between February 24 and March 4, 2025.
In the parallel market, the naira also strengthened, appreciating by 0.33% to settle at ₦1,535/$. The appreciation is being linked to steady inflows into the foreign exchange market. Official data shows Nigeria recorded $550.9 million in forex inflows last week, slightly below the $567.2 million recorded the week before.
Analysts attribute the naira’s rebound to strong foreign portfolio inflows, healthy external reserves, and consistent CBN interventions. As of last Friday, Nigeria’s gross external reserves stood at $41.69 billion, supported by daily accretions that are helping boost investor confidence.
As of last Friday, Nigeria’s gross external reserves stood at $41.69 billion, supported by daily accretions that are helping boost investor confidence.
Edited by Aremu Toyeebaht
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