The Naira continued its upward momentum against the US Dollar at the official foreign exchange market on Tuesday, posting another strong gain ahead of the Eid-ul-Fitr holidays.
According to data released by the Central Bank of Nigeria, the local currency appreciated to N1,344.42 per dollar on Tuesday, improving from N1,357.77 recorded on Monday.
This represents a day-on-day gain of N13.35, surpassing the N8.46 appreciation achieved in the previous trading session and extending the Naira’s recent rally.
However, activity in the parallel market showed no movement, with the Naira holding steady at N1,430 per dollar, the same rate recorded last Friday.
The appreciation comes despite a slight decline in Nigeria’s foreign reserves, which dropped to $49.87 billion as of March 16, 2026, from $50.01 billion reported on March 12, based on figures from the apex bank.
Trading at the currency market is expected to wrap up on Wednesday for the week, as markets prepare to close for the Eid-ul-Fitr holidays on Thursday and Friday.
