The naira remained stable across Nigeria’s foreign exchange markets on Tuesday as dollar demand eased slightly. At the Electronic Foreign Exchange Matching System (EFEMS), the dollar was quoted at N1,534.10, showing a minor decline from N1,533.56 recorded on Monday, according to the Central Bank of Nigeria (CBN). Despite this, authorized currency dealers maintained the dollar rate at N1,555, consistent with the previous day.
In other segments of the market, the lowest recorded rate was N1,522 per dollar, a slight weakening compared to Monday’s N1,520. Meanwhile, the parallel market, commonly known as the black market, saw an appreciation of the naira, strengthening to N1,665 per dollar from N1,680 recorded last Friday. This reflects a continuing trend of moderated demand influencing exchange rates across various platforms.
The relatively steady performance of the naira comes amid broader economic considerations and efforts to stabilize the FX market. Fluctuations in demand and pricing remain key factors shaping daily trading activities, as stakeholders monitor the evolving dynamics within Nigeria’s financial ecosystem.