The Nigerian naira recorded its first appreciation against the United States dollar at the official foreign exchange market on Tuesday after weeks of persistent decline.
Data released by the Central Bank of Nigeria showed that the naira closed at N1,401.40 per dollar on Tuesday, an improvement from the N1,405.62 recorded on Monday.
The latest figure indicates that the local currency strengthened by N4.22 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 exchanged at N1,335.96 per dollar. Since then, the currency has been on a sustained depreciation streak.
Meanwhile, at the parallel market, popularly known as the black market, the naira remained unchanged at N1,420 per dollar on Tuesday, the same rate recorded a day earlier.
The development comes as global oil prices declined, with Brent and West Texas Intermediate crude falling below $90 per barrel on Tuesday for the first time since the Iran-United States-Israel conflict began on February 28, 2026.
Amid the drop in global crude prices, Dangote Refinery recently reduced its gantry price for petrol to N1,075 per liter after several previous increases.
According to data from the Central Bank of Nigeria, Nigeria’s external reserves stood at $49.94 billion as of March 6.
