Nigeria’s currency, the naira, continued to appreciate against the dollar at the official exchange market on Tuesday.
The Central Bank of Nigeria’s exchange data showed that the naira strengthened slightly to N1,600.030 per dollar on Tuesday from N1,600.44 on Monday.
The against the dollar on a day-to-day basis compared to N5.71 recorded the previous day.
In contrast, at the black market, the naira depreciated to N1,635 per dollar on Tuesday from N1,630 exchanged on Monday. This indicated that the naira dropped by N5 on a day-to-day basis at the black market.
The indication is that the naira closed Tuesday trading with mixed sentiments of gain and loss at official and parallel foreign exchange markets.
The development comes as Nigeria’s external reserves grew by $86.67 million to $38.10 billion on May 6, 2025, according to CBN data, but have dropped to $38.21 billion as of Monday, May 12, 2025.
