The Nigerian naira continued its positive run on Tuesday, appreciating by N12.41 against the United States dollar in the official foreign exchange market as it maintained its recent recovery momentum.
Data from the Central Bank of Nigeria (CBN) official website showed that the local currency closed at N1,343.76 per dollar, compared with N1,356.18 recorded in the previous trading session.
This represents a 0.9 per cent gain in a single day, reinforcing the naira’s sustained improvement in the official market.
The latest movement marks the second consecutive week of appreciation for the currency, which has shown relative stability in recent trading sessions.
Market observers attribute the trend to ongoing monetary policy reforms by the CBN and improved liquidity in the foreign exchange market, which have helped ease pressure on the naira.
The naira, which has been relatively stable due to sustained CBN reforms, is experiencing a second week of sustained gain.