Data released by the Central Bank of Nigeria showed that the naira traded at an average rate of about ₦1,358 to the dollar at the official Nigerian Foreign Exchange Market on Tuesday.
The figure represents a slight appreciation compared to earlier trading sessions, during which the dollar exchanged between ₦1,352 and ₦1,365 depending on transaction volumes and participating financial institutions.
Financial experts linked the relative stability of the naira to continued interventions by the Central Bank of Nigeria and improved foreign exchange inflows into the official market.
However, analysts noted that strong demand for dollars from importers, manufacturers, foreign travellers and school fee payments abroad continues to put pressure on the local currency.
Currency traders also stated that the market is likely to remain sensitive to global crude oil prices, foreign portfolio investments and future monetary policy decisions by the apex bank in the coming weeks.