NAIRA APPRECIATES SLIGHTLY AGAINST THE DOLLAR AT OFFICIAL FOREX MARKET

The Nigerian naira gained slightly against the US dollar on Tuesday, according to the latest data from the Central Bank of Nigeria (CBN). The exchange rate in the official forex market improved to N1,599.70 per dollar, up from N1,599.94 on Monday, marking a modest increase of N0.20.

However, the naira remained unchanged at N1,605 per dollar in the parallel or black market, maintaining the same rate as the previous day.

Abubakar Alhasan, a Bureau de Change operator based in Wuse Zone, Abuja, confirmed the rate stability in the black market, stating, "We buy dollars at N1,600 and sell at N1,605."

This small gain in the official market signals a slight strengthening of the naira, which has generally remained stable since last week. The steady rate in the parallel market suggests that supply and demand for the dollar are balanced for now, with no major fluctuations.

This stability comes as the Central Bank continues its efforts to regulate foreign exchange flows and uphold the naira's value.