Naira collapse
The Naira appreciated further at the official foreign exchange market on Tuesday, trading at N1,351.02 against the United States dollar, extending recent gains.
Data released on the Central Bank of Nigeria’s official website showed the local currency strengthened by N3.23 at the close of trading.
The appreciation represents a 0.23 per cent increase compared with Monday’s rate, when the Naira exchanged at N1,354.25 to the dollar.
Analysts said the modest gain reflected improved liquidity and continued central bank interventions aimed at stabilising the foreign exchange market amid cautious investor sentiment.
Market watchers also expect movements to remain gradual in the near term, as authorities balance reforms with efforts to boost confidence nationwide.
Trading volumes were moderate, with dealers monitoring policy signals closely. (NAN)
