By Sodiq Adelakun
The naira appreciated against the United States dollar across both the official and parallel markets on Tuesday, reflecting improved foreign exchange conditions and stronger economic fundamentals.
At the official Nigerian Autonomous Foreign Exchange Market (NAFEX), the naira closed at ₦1,418.95 per dollar, while the parallel market rate stood at ₦1,480 per dollar, narrowing the premium between both markets to about ₦61.05.
Market analysts attributed the currency’s continued appreciation to enhanced foreign exchange market efficiency, rising capital inflows, sustained diaspora remittances and a current account surplus. Nigeria’s external reserves also climbed to an eight-year high of $46.01 billion, providing additional support for the local currency.
The improved liquidity and convergence between the official and black-market rates signal growing investor confidence and more effective forex management by monetary authorities.
Experts project that the naira will maintain its positive momentum in the near term, supported by robust reserves, steady inflows and broad-based economic recovery, even as oil revenues are complemented by non-oil foreign exchange sources.
Tools such as the CBN Forex Portal and Aboki FX continue to provide real-time insights into market movements as traders and businesses monitor the evolving exchange rate landscape.