Naira Strengthens Further, Trades at N1,528/$1 Across Markets

The naira appreciated further in both the official and parallel markets, trading at N1,528/$1, up from its previous rate of N1,530/$1.

The local currency extended the positive momentum seen since the start of the week. Against the British pound, it appreciated to N2,085/£1 from N2,090/£1, while the selling price improved to N2,105/£1 from N2,110/£1.

However, against the euro, the naira recorded a slight dip, closing at N1,775/€1 from N1,770/€1, with the selling price easing to N1,790/€1 from N1,795/€1.

In the official market, the naira pushed the dollar further below the N1,500/$1 threshold, settling at N1,484/$1 compared to the previous N1,497/$1, reflecting its continued resilience.

Data from the Nigerian Foreign Exchange Market (NFEM) showed fluctuations between N1,479.50/$1 and N1,490/$1during Tuesday’s trading session.

Despite ongoing pressures in the foreign exchange market, the naira’s performance underscores steady resilience. Analysts note, however, that sustaining this strength will depend heavily on ongoing reforms and consistent capital inflows to reinforce market confidence.

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