Data released by the Central Bank of Nigeria showed that the naira traded at an average of about ₦1,358 against the U.S. dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday.
The figure reflects a slight improvement in the value of the local currency compared to recent trading sessions, during which the dollar exchanged between ₦1,352 and ₦1,365 depending on transaction volumes and participating banks.
Market analysts linked the naira’s relative stability to continued foreign exchange interventions by the apex bank as well as increased FX inflows into the official market.
Despite the improvement, analysts warned that rising demand for dollars by importers, manufacturers, students paying school fees abroad, and travelers continues to place pressure on the currency.
Traders also noted that movements in global crude oil prices, foreign investment inflows, and upcoming monetary policy decisions by the central bank are likely to influence the direction of the foreign exchange market in the weeks ahead.
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