The Nigerian naira appreciated further against the US dollar on Tuesday, trading at ₦1,463 per dollar at the official foreign exchange (FX) market amid a steady rise in the country’s external reserves.
According to data from the Central Bank of Nigeria (CBN), the local currency recorded an intraday high of ₦1,466/$1, up from ₦1,470/$1 in the previous session, reflecting improved liquidity and reduced demand pressure in the market.
The CBN’s official FX bulletin showed that the spot rate closed at ₦1,463.4520/$1, indicating a stronger position for the naira amid sustained supply from exporters and oil firms. Analysts attributed the stability to robust inflows from international oil companies (IOCs) and growing participation from foreign portfolio investors, which have helped ease dollar scarcity.
Nigeria’s foreign reserves continued their upward trajectory, climbing to $42.792 billion from $42.695 billion, supported by inflows from hydrocarbon exports and diaspora remittances.
Market analysts expect the local currency to hover around the ₦1,470/$1 range in the near term, with some investment banks projecting a potential appreciation to ₦1,400/$1 by 2025, citing increased FX inflows and improving investor confidence.
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