The naira recorded a gain against the dollar at the official foreign exchange market on Tuesday, despite ongoing concerns over inflation.
According to data from the Central Bank of Nigeria, the naira appreciated to N1,598.95 per dollar, improving from Monday’s rate of N1,604.48 per dollar.
This reflects a day-to-day gain of N5.53 for the Nigerian currency at the official exchange window.
Over at the parallel market, the naira held steady, maintaining a rate of N1,610 per dollar, the same level it traded at on Monday.
It’s worth noting that while the naira strengthened at the official market on Tuesday, it had appreciated in the black market the previous day but saw a slight dip officially.
The latest positive movement in the official market coincides with news that Nigeria’s inflation rate slightly eased to 24.23 percent as of Tuesday.