News Update

THE naira appreciated marginally against the US dollar at the official foreign exchange market on Tuesday, according to data from the Central Bank of Nigeria (CBN).

The local currency closed at N1,599.70 per dollar, compared to N1,599.94 recorded on Monday, reflecting a gain of 20 kobo.

This marks a slight improvement in the naira’s performance after recent signs of stability in the foreign exchange market.

However, at the parallel market, the naira maintained its position, trading at N1,605 per dollar—the same rate it exchanged for on Monday.

A Bureau de Change operator in Wuse Zone, Abuja, Abubakar Alhasan, confirmed the rates, saying, “We buy at N1,600 and sell at N1,605.”

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The naira’s recent trend suggests growing stability, particularly in the black market where it held firm for several days.

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