The naira strengthened against the dollar in the parallel foreign exchange market, closing Monday’s trading on a positive note.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, reported that the naira traded at N1,600 per dollar on Tuesday, an improvement from N1,610 on Monday. This reflects a gain of N10 in the black market within a day.
At the official FX market, the naira also saw an uptick, closing at N1,498.95 per dollar on Tuesday, slightly up from N1,495.60 the previous day.
This development follows the Central Bank of Nigeria’s decision to extend FX sales to BDC operators until the end of May 2025.
Meanwhile, the naira ended Monday’s trading with mixed movements across FX markets, and Nigeria’s external reserves have declined by $1.19 billion in recent weeks.
