The naira recorded a slight gain against the United States dollar at the official foreign exchange market on Tuesday, marking its first appreciation in two working days.
Data from the Central Bank of Nigeria showed that the currency strengthened to N1,382.63 per dollar, improving from N1,388.38 recorded on Monday. This reflects a day-to-day gain of N5.7, coming after a sharp decline of N34.48 in the previous session.
Despite the improvement at the official window, the situation remained unchanged in the parallel market. Bureau de Change operators reported that the naira traded between N1,410 and N1,412 per dollar, the same rate as the previous day.
Meanwhile, Nigeria’s foreign reserves recorded a slight drop, falling to $49.61 billion as of March 23, down from $49.78 billion on March 18, according to figures from the apex bank.
The latest movement follows a pause in the naira’s recent rally last week ahead of the Eid-ul-Fitr holidays, before trading resumed on Monday with similar market sentiment.
