Naira’s value appreciates further at official FX market
The naira appreciated further at the official foreign exchange market on Tuesday, trading at N1,351.02 against the United States dollar, extending recent gains.
Data released on the Central Bank of Nigeria’s official website showed the local currency strengthened by N3.23 at the close of trading.
The appreciation represents a 0.23 per cent increase from Monday’s rate, when the naira traded at N1,354.25 to the dollar.
Analysts said the modest gain reflected improved liquidity and continued central bank interventions aimed at stabilising the foreign exchange market amid cautious investor sentiment.
Market watchers also expect gradual movements in the near term, as authorities balance reforms with efforts to boost confidence nationwide.
The trading volumes were moderate, with dealers closely monitoring policy signals.
(NAN)
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