The naira recorded a marginal gain against the U.S. dollar in the foreign exchange market on Tuesday, offering a brief respite after several days of decline triggered by the recent tariff announcement from U.S. President Donald Trump’s administration.
According to data from the Central Bank of Nigeria (CBN), the naira strengthened slightly to N1,611.55 per dollar, compared to N1,612.23 traded on Monday. This represents a modest appreciation of 0.68 on a day-to-day basis, following a significant drop of N45.21 the previous day.
In the parallel market, the naira remained stable, trading at N1,575 per dollar on Tuesday—the same rate recorded on Monday.
As part of efforts to stabilize the currency, the Central Bank of Nigeria sold $197 million to official foreign exchange dealers last Friday. The intervention was aimed at defending the naira and improving liquidity in the FX market amid global economic uncertainty.