The naira appreciated against the dollar at the official foreign exchange market on Tuesday, showing resilience despite the country’s elevated inflation levels.
According to data released by the Central Bank of Nigeria (CBN), the local currency strengthened to N1,598.95 per dollar, compared to the N1,604.48 it exchanged for on Monday. This reflects a day-to-day gain of N5.53 at the official market.
In contrast, the black market remained largely unchanged, with the naira trading at N1,610 per dollar—the same rate recorded the previous day.
Earlier this week, the naira had appreciated against the dollar in the black market on Monday, even as it slightly depreciated at the official window.
The recent gain in the official rate coincided with new inflation figures released by the National Bureau of Statistics, which indicated that Nigeria’s inflation rate eased slightly to 24.23 percent as of Tuesday.
