In a surprising twist in the foreign exchange market, the Nigerian naira on Tuesday recorded a modest appreciation against the United States dollar, exchanging at ₦1,530.52/$ at the official window.
This marks a slight improvement from previous rates and comes amid ongoing efforts by the Central Bank of Nigeria (CBN) to stabilise the currency and restore confidence in the forex market.
Data from the FMDQ Exchange revealed that the naira gained some ground following recent interventions by the apex bank, including foreign currency inflows and tighter regulatory measures aimed at curbing speculation.
Currency watchers say while the gain is marginal, it is a welcome development in the face of persistent pressure on the local currency. However, analysts warn that sustained stability will depend on broader economic reforms and increased forex supply.
