By Seun Ibiyemi
The Nigerian currency, the Nigerian Naira, recorded a mixed performance on Tuesday as it strengthened slightly in the official market while remaining under pressure in the parallel market amid sustained demand for foreign exchange.
Data from the Nigerian Foreign Exchange Market showed that the naira opened trading at about ₦1,398.24 per dollar before appreciating to around ₦1,396.24 during mid-morning transactions as supply from authorised dealers helped meet market demand.
Market data also indicated that the currency traded within a narrow band during the session, reflecting cautious stability as liquidity improved and corporate demand for foreign currency remained elevated at the start of the week.
Read also:Bala, Seyi Makinde to exit PDP amid growing defections ahead of 2027 elections
Meanwhile, activity in the parallel market painted a slightly different picture, with the dollar exchanging at about ₦1,400 for buying and ₦1,410 for selling, highlighting continued pressure on the local currency due to persistent demand for foreign exchange outside the official window.
Analysts say the recent movement in the currency reflects ongoing adjustments in Nigeria’s foreign exchange market as traders respond to shifts in liquidity levels, import demand and global economic developments.
Official figures also suggest that the naira has traded around the ₦1,390–₦1,400 range in recent sessions, indicating relative stability despite intermittent volatility across different trading windows.
Financial market observers note that the performance of the naira in the coming days will likely depend on foreign exchange inflows, demand from importers and policy actions by the Central Bank of Nigeria aimed at stabilising the country’s currency market.
