Data released by the Central Bank of Nigeria on Tuesday showed that the naira posted a slight depreciation against the United States dollar at the official foreign exchange market.
The local currency traded at approximately ₦1,373.5/$ at the Nigerian Foreign Exchange Market window, compared to ₦1,372/$ recorded in the previous trading session.
Analysts attributed the marginal decline to sustained demand for foreign exchange from importers and manufacturers, despite continued interventions by the monetary authorities aimed at supporting the naira.
CBN data also showed that turnover in the interbank foreign exchange market rose significantly to about $76.3 million, indicating stronger trading activity and improved liquidity in the market.
Meanwhile, market trackers showed the USD/NGN exchange rate hovering around ₦1,371/$ on Tuesday, suggesting that the naira has remained relatively stable in recent trading sessions despite mild volatility.
