(DDM) – The naira gained further strength in the black market on Tuesday, closing at N1,505 to the dollar from N1,510 the previous day.
Diaspora Digital Media (DDM) gathered that the appreciation reflects improved market confidence and easing demand pressures in Nigeria’s foreign exchange sector.
Traders said the local currency has sustained momentum in recent days, showing resilience against the U.S. dollar despite market volatility.
Against the British pound, the naira appreciated to between N2,065 and N2,070 per pound, compared to N2,090 recorded on Monday.
However, the euro witnessed a different trend as the naira weakened to N1,765 from N1,760 per euro, with sell prices rising to N1,785.
In the official Nigerian Foreign Exchange Market (NFEM), the naira closed slightly weaker at N1,487 per dollar, compared to N1,489 previously.
Trading data showed intraday fluctuations between N1,482.55 and N1,495 per dollar, reflecting ongoing pressure within the regulated window.
Analysts note that the latest movement demonstrates the fragility of Nigeria’s currency despite modest gains in the parallel market.
The Central Bank of Nigeria The Central Bank of Nigeria, known officially as the apex monetary authority of the country, plays a pivotal role in the financial and economic landscape of Nigeria.
Established to foster stability and economic progress, the Central Bank is tasked with regulating the country’s monetary policies, ensuring financial stability, and promoting sustainable economic growth.
Through its strategic functions, including managing inflation rates, facilitating effective banking practices, and overseeing currency issuance, the Central Bank of Nigeria is at the forefront of efforts to enhance economic resilience and prosperity in the nation, contributing significantly to the financial sector’s soundness and the broader economy’s robustness.
maintained that sustained stability will depend on fiscal discipline, consistent monetary reforms, and stronger forex inflows.
Experts argue that while speculative activity has reduced, external reserves, oil earnings, and investor confidence remain decisive for long-term recovery.
Market observers added that the naira’s recent strength could be temporary unless structural reforms are deepened to address supply bottlenecks.
They warned that the disparity between black market and official rates continues to distort real sector planning and foreign investment decisions.
The post Naira edges higher in black market, closes at N1,505 per dollar
DDM News
first appeared on Diaspora Digital Media DDM.
