The Nigerian naira continued its upward trend against the US dollar on Tuesday, strengthening across both the official and parallel (black) foreign exchange markets.
According to data from the Central Bank of Nigeria (CBN), the naira appreciated to ₦1,579.27/$1 on Tuesday, improving by ₦2.31 from ₦1,581.58/$1 recorded on Monday.
In the parallel market, the local currency also saw a notable gain, appreciating by ₦15 to ₦1,600/$1 on Tuesday, compared to ₦1,615/$1 the previous day.
This latest development comes as the deadline for the recapitalization of Bureau De Change (BDC) operators set by the CBN expired on Tuesday, June 3, 2025.
Despite intermittent fluctuations, the naira has maintained relative stability in the foreign exchange market over the past six months.
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