- Naira bouncing back at FX Market
- Records significant improvements against US Dollars
- This marks a positive development for the currency amid recent fluctuations.
The Nigerian naira made a strong recovery against the US dollar in both the black market and the official foreign exchange market on Tuesday.
This marks a positive development for the currency amid recent fluctuations.
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In the parallel (black) market, the naira strengthened, trading at ₦1,625 per dollar on Tuesday, compared to ₦1,650 on Monday. This means the naira appreciated by ₦25 within a day. A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed that traders were buying dollars at ₦1,620 and selling at ₦1,625 on Tuesday.
Similarly, in the official foreign exchange market, the naira showed an upward trend, closing at ₦1,522.28 per dollar on Tuesday, up from ₦1,533.63 on Monday. This represents a ₦11 gain in just 24 hours.
The recent rise in the naira’s value follows the Central Bank of Nigeria’s (CBN) release of a new foreign exchange (FX) code on Monday.
Analysts believe that this new policy may be helping to stabilize the currency, boosting investor confidence and improving liquidity in the market.
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Many traders and financial experts are now watching closely to see if this upward trend will continue in the coming days.
