Key Points
- Naira strengthened by N6.21 against the dollar on Tuesday.
- It traded at N1,343.32/$ at the official market.
- The latest rate represents a 0.4 per cent gain from Monday’s N1,349.53/$.
Main Story
The naira extended its recent gains on Tuesday, appreciating to N1,343.32 against the US dollar at the official foreign exchange market.
Figures from the Central Bank of Nigeria showed that the currency gained N6.21 from the previous session’s rate of N1,349.53/$.
The latest movement translates to a 0.4 per cent improvement in the value of the naira compared with Monday’s closing rate.
The currency’s performance comes as the CBN continues efforts to improve the functioning of the foreign exchange market through measures targeting transparency and liquidity.
The apex bank has also been pursuing reforms aimed at strengthening confidence in the market and promoting greater exchange-rate stability.
The Issues
The naira’s latest appreciation reflects continued movement in the official foreign exchange market as the CBN implements measures aimed at improving liquidity, transparency and confidence.
What’s Being Said
The source provided does not contain a direct quotation from any official or stakeholder.
What’s Next
The naira’s performance will continue to be shaped by developments in the official foreign exchange market and the CBN’s ongoing efforts to improve market stability.
Bottom Line
The naira strengthened further on Tuesday, gaining N6.21 to close at N1,343.32/$ at the official market.
