By Seun Ibiyemi
The Nigerian naira experienced a modest depreciation against the United States dollar on Tuesday, with currency markets showing signs of renewed demand pressure and cautious trading activity.
Data from the Nigerian Foreign Exchange Market (NFEM) reported that the naira opened trading around ₦1,368 to the dollar in the official FX window, eventually reaching approximately ₦1,370.30 mid‑session.
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This marked a slight retreat from recent stability following gains in February.
In informal or parallel market trading, commonly referred to as the “black market,” dealers quoted the dollar at around ₦1,375–₦1,382 per dollar, reflecting a narrow spread and continued convergence between official and unofficial rates.
Market observers attributed the currency’s mild weakening to sustained domestic demand for foreign exchange, as importers and corporate clients seek dollars ahead of increased commercial activity.
Despite pressures, the market has avoided the sharp volatility seen in previous years, and some analysts say confidence has improved due to central bank interventions and robust foreign reserve buffers.
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Separate reporting also noted a broader trend of the naira softening to around ₦1,376/$ amid safe‑haven demand for the dollar in global markets.
In recent trading, the naira’s position reflected both domestic FX liquidity dynamics and external factors shaping capital flows signals closely watched by investors, businesses, and policy makers alike as Nigeria navigates its foreign exchange landscape.
