The Nigerian Naira has continued its upward trend, appreciating further at the official foreign exchange market on Tuesday, trading at N1,351.02 against the United States dollar.
This represents a 0.23% increase compared to Monday’s rate of N1,354.25 to the dollar.
According to analysts, the modest gain is attributed to improved liquidity and ongoing central bank interventions aimed at stabilizing the foreign exchange market amid cautious investor sentiment.
The Central Bank of Nigeria’s efforts to maintain stability in the FX market seem to be yielding results, with trading volumes moderate and dealers closely monitoring policy signals.
Market watchers expect movements to remain gradual in the near term, as authorities balance reforms with efforts to boost confidence nationwide.
