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Daniel Adaji
The naira recorded a marginal appreciation on Tuesday, following a series of currency interventions by the Central Bank of Nigeria (CBN), which injected $321m into the market over three trading days.
According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira traded at an average rate of N1,612.97/$ on Tuesday, improving slightly from Monday’s N1,612.24/$.
The closing rate also strengthened to N1,615.00/$, compared to the previous day’s figure. Trading ranges tightened, with the highest rate dropping to N1,634.00/$ from Monday’s peak of N1,655.00/$, and the lowest rate remaining stable at N1,589.00/$.
This modest gain followed a sharp depreciation on April 7, when the naira hit its weakest level in recent sessions, despite the CBN’s aggressive market intervention.
The slight rebound reflects a tentative market correction after the CBN’s intervention, aimed at addressing persistent pressure on the local currency.
Despite the gain, the FX landscape remains fragile, with analysts warning that lasting stability will require structural reforms beyond temporary liquidity support.