Data from the Central Bank of Nigeria indicated that the naira exchanged at an average rate of about ₦1,358 to the dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday.
The development showed a marginal appreciation compared to previous trading sessions, when market activity within the NFEM saw the dollar quoted between ₦1,352 and ₦1,365 depending on transaction volumes and participating financial institutions.
Financial analysts attributed the relative stability of the naira to sustained interventions by the Central Bank of Nigeria and improved foreign exchange inflows into the official market.
They, however, noted that strong demand for dollars from importers, manufacturers, school fee payments, and foreign travel continues to exert pressure on the local currency.
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Currency dealers said the market is expected to remain sensitive to global oil prices, foreign portfolio inflows, and future monetary policy decisions by the apex bank in the coming weeks.
