Lagos: The naira strengthened further on Tuesday, closing at ₦1,351.02 per US dollar at the official foreign exchange window, as renewed momentum extended its recent streak of 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 explained that the “modest gain” referred to the Naira’s rise of N3.23, attributing it to improved liquidity and the central bank’s ongoing efforts to stabilise 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.
