AfriPulse
A man exchanges Nigeria’s currency Naira for US dollars in Lagos, Nigeria (Photo by PIUS UTOMI EKPEI – AFP)
Data published by the Central Bank of Nigeria (CBN) showed that the naira recorded a slight depreciation against the United States dollar on Tuesday.
The currency traded at about ₦1,373.5 per dollar at the Nigerian Foreign Exchange Market (NFEM) window, compared to ₦1,372 recorded in the previous session.
Market analysts attributed the latest fluctuation to sustained demand for foreign exchange from importers and manufacturers, despite ongoing interventions by monetary authorities aimed at stabilising the naira.
The CBN’s exchange rate data also indicated that turnover in the interbank foreign exchange market increased significantly to about $76.3 million, reflecting improved trading activity in the market.
Meanwhile, suggesting relatively stable performance in recent trading sessions despite mild volatility, data trackers showed the USD/NGN exchange rate hovering around ₦1,371 on Tuesday.
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