Naira FX sees the naira strengthen to ₦1527 per US dollar, reflecting improved currency dynamics in Nigeria’s market.
This represents a ₦5 gain from ₦1532 recorded on Monday and shows improved local currency dynamics.
Global dollar weakness driven by dovish US Federal Reserve signals pushed the greenback to its lowest level since February 2022.
Nigeria’s parallel market however remains weaker at ₦1585 per dollar indicating liquidity divergence across FX channels.
Central Bank interventions and exporter dollar sales supported the official market’s modest naira appreciation.
Despite a three billion dollar decline in foreign reserves during early 2025 official FX inflows and remittances bolstered stability.
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Dollar weakness reflects Federal Reserve Chair Powell’s cautious tone ahead of the July policy meeting.
The euro and Swiss franc also rose while the dollar hit multiyear lows amid global economic uncertainty.
Officials expect continued official market resilience subject to central bank support and stable remittance flows.
Analysts warn that sustaining the naira’s strength depends on broader FX supply improvements and macroeconomic reforms.
Nigerian policymakers continue public private strategies to reduce external borrowing and leverage foreign exchange channels.
For now the naira’s dual market trend shows contrast but central interventions have softened volatility on official FX rates.
