The Naira appreciated to N1,337 per greenback on the official overseas alternate market on Tuesday, up from N1,344 recorded on Monday.
That is in response to knowledge from the Central Bank of Nigeria’s (CBN) web site on Tuesday.
The newest figures present the naira posting its strongest official closing price since Might 29, 2024, when it settled at N1,329.65 per greenback.
The appreciation comes amid improved greenback liquidity, parallel market good points, and shifting international geopolitical and financial coverage alerts that proceed to form rising market currencies.
The naira strengthened in each the official and parallel overseas alternate markets on Tuesday, reflecting improved provide circumstances and calmer investor sentiment. Knowledge launched by the Central Bank of Nigeria confirms the forex closed at N1,337 per greenback, extending its gradual restoration development.
The information suggests renewed short-term stability within the FX market, supported by higher greenback provide dynamics and speculative repositioning by merchants.
International market developments additionally influenced forex actions, because the U.S. greenback held regular amid geopolitical alerts and financial coverage expectations. Buyers are intently watching coverage steerage from the Federal Reserve for readability on potential rate of interest cuts this 12 months.
Such international shifts usually have an effect on capital flows into rising markets, influencing alternate price efficiency in international locations like Nigeria.
Yesterday, Governor of the CBN, Olayemi Cardoso, mentioned Nigeria is enjoying a pivotal position in advancing Africa’s single forex agenda.
Earlier, at its 302nd MPC assembly in September 2025, the committee decreased the MPR by 50 foundation factors, decreasing it from 27.5 % to 27 %.
The MPC additionally adjusted the uneven hall across the MPR to +250/-250 foundation factors, narrowing it from the earlier +500/-100 vary.
