For the first time in three weeks, the Nigerian Naira saw an appreciation against the United States Dollar in the official foreign exchange market on Tuesday.
Data from the Central Bank of Nigeria indicated that the Naira strengthened to ₦1,401.40 per dollar on Tuesday, a notable improvement from its Monday rate of ₦1,405.62.
This translates to a daily gain of ₦4.2 for the Naira against the dollar.
The last instance of the Naira appreciating in the official market was on February 17, when it stood at ₦1,335.96 per dollar; since then, the local currency had been on a continuous downward trend.
Meanwhile, in the black market, the Naira remained stable at ₦1,420 per dollar on Tuesday, mirroring Monday’s exchange rate.
This development coincides with Brent and West Texas Intermediate crude blends falling below $90 per barrel on Tuesday. This marks their first dip below this threshold since the Iran-United States-Israel conflict began on February 28, 2026.
As a direct consequence of the declining global crude oil prices, the Dangote Refinery adjusted its gantry petrol price to ₦1075 per liter, following three previous price hikes.
