The Nigerian naira strengthened further against the US dollar on Tuesday, buoyed by strong foreign inflows and reduced FX pressure in the official market.
According to updated market data, the naira appreciated by 0.32% to close at ₦1,448.21/$ at the Nigerian Foreign Exchange Market (NFEM), up from ₦1,452.79/$ the previous day. In the parallel market, the local currency also gained 0.03%, exchanging at ₦1,491/$, showing sustained demand for the naira across both official and informal segments.
Data from the Central Bank of Nigeria (CBN) revealed that the naira touched an intraday high of ₦1,456/$, while some transactions were executed as low as ₦1,445/$, reflecting improved dollar supply.
Analysts attribute the positive movement to increased FX inflows from foreign portfolio investors taking new positions in Nigerian assets. The supply side of the market recorded $1.37 billion in total inflows — a 25% rise week-on-week.
Nigeria’s oil sector has also contributed to the currency’s stability, as improved crude production boosts foreign exchange receipts and strengthens external reserves. The latest data shows that the country’s reserves remained steady at $42.865 billion as of Tuesday.
