The naira appreciated further at the official foreign exchange market on Tuesday, closing at N1,351.02 to the United States dollar and extending recent gains.
Data from the Central Bank of Nigeria (CBN) showed the local currency strengthened by N3.23 at the end of trading, representing a 0.23 per cent rise from Monday’s rate of N1,354.25/$1.
Analysts attributed the modest appreciation to improved liquidity and continued central bank interventions aimed at stabilising the market amid cautious investor sentiment.
They added that movements are likely to remain gradual in the near term as authorities balance reform measures with efforts to sustain confidence.
Trading volumes were moderate, with dealers closely monitoring policy signals.
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