The naira traded on a relatively stable note against the United States dollar on Tuesday, supported by improved foreign exchange supply and reduced demand pressures across the market.
At the parallel market, the local currency showed marginal appreciation as traders quoted the naira slightly stronger compared with the previous session, reflecting increased dollar inflows from remittances and lower year-end demand.
Currency dealers said market activity remained calm, with limited volatility as businesses scaled down operations ahead of the new year. In the broader foreign exchange market, the naira also traded within a narrow range, underscoring a period of relative stability after months of sharp fluctuations.
Analysts attributed the steadier performance to recent reforms in the foreign exchange market and the Central Bank of Nigeria’s sustained efforts to boost liquidity and restore confidence.
