Nigeria’s currency, the naira, continued its upward momentum against the US dollar at the official foreign exchange market on Tuesday, despite experiencing a decline on the black market.
According to data from the FMDQ Exchange, the naira appreciated to ₦1,533.18/$1, compared to ₦1,534.21/$1 recorded on Monday.
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This represents a ₦1.03 gain on a day-to-day basis, marking the second consecutive day of appreciation at the official FX window.
Mixed Performance in Parallel Market
While the official market posted gains, the naira slipped further in the parallel (black) market. On Tuesday, it weakened to ₦1,545/$1, down from ₦1,537/$1 on Monday, a ₦8 drop in value.
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This divergence continues the mixed trading pattern seen since the start of the week, where the naira posted gains in official markets but depreciated among street traders and in informal markets.
Analysts say the recent appreciation in the official window could be tied to increased liquidity injections by the Central Bank of Nigeria (CBN) and sustained FX reforms aimed at unifying exchange rates.
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However, the black market remains volatile, largely driven by demand-supply imbalances and speculation.
“We are seeing the effects of CBN’s recent tightening measures, but the pressure in the parallel market highlights ongoing structural gaps,” one forex analyst told The Lagos Voice.
