The Nigerian Naira recorded a slight gain against the United States Dollar at the official foreign exchange market on Tuesday, marking its first appreciation in about three weeks.
Data released by the Central Bank of Nigeria showed that the Naira closed at N1,401.40 per dollar on Tuesday, compared to N1,405.62 recorded on Monday.
This indicates that the local currency strengthened by N4.2 against the dollar on a day-to-day basis.
The last time the Naira appreciated at the official market was on February 17, when it traded at N1,335.96 per dollar. Since then, the currency had been on a steady depreciation trend.
However, at the black market, the Naira maintained the same rate of N1,420 per dollar on Tuesday, unchanged from Monday’s exchange rate.
The development comes as Brent and West Texas Intermediate crude blends fell below $90 per barrel on Tuesday for the first time since the Iran-United States-Israel war began on February 28, 2026.
Amid the decline in global crude oil prices, Dangote Refinery also reduced its gantry petrol price to N1075 per litre, after previously increasing the price three times.