The naira appreciated to ₦1,362/$ on Tuesday, extending its recent gains against the United States dollar.
Data from the Central Bank of Nigeria (CBN) showed the currency strengthened from ₦1,367.5/$ recorded on Monday, reflecting continued positive movement in the official foreign exchange market.
CBN figures indicate that the naira maintained an upward trend, posting both daily and weekly gains. The latest appreciation is attributed to improved demand-and-supply dynamics in the official window.
Intraday trading on Tuesday ranged between ₦1,362/$ and ₦1,370.5/$, with an average rate of ₦1,366.27/$. On Monday, trading fluctuated between ₦1,362/$ and ₦1,374.5/$, averaging ₦1,365.89/$.
Last week, the currency closed at ₦1,383/$ on Tuesday, compared to ₦1,369/$ on Monday, underscoring recent volatility before the current recovery.
The naira’s improved performance comes despite a decline in external reserves, which stood at $48.36 billion as of April 30, 2026.
Analysts link the recent gains partly to shifting global currency dynamics, as the U.S. dollar softened against major peers amid easing geopolitical tensions.
In global markets, the dollar index slipped to 98.299, signalling a mild weakening of the greenback.
The euro rose to $1.1714, while the British pound traded at $1.35685. The Australian dollar strengthened to $0.7208, and the New Zealand dollar climbed to $0.5905. The Japanese yen, however, remained under pressure at 157.62 per dollar despite marginal gains.
The dollar’s decline followed comments from U.S. officials suggesting progress toward a potential agreement with Iran, which also contributed to a drop in global oil prices.
U.S. crude fell by more than $2, with West Texas Intermediate trading near $100 per barrel, easing some pressure across energy and currency markets.
