The naira appreciated to N1,362/$ on Tuesday, extending its recent gains against the United States dollar.
Data from the Central Bank of Nigeria (CBN) showed the currency strengthened from N1,367.5/$ recorded on Monday.
CBN data indicate that the naira continued its upward trend, recording gains both on a day-to-day and week-on-week basis. The appreciation reflects improved demand-supply dynamics in the official market.
Intraday trading on Tuesday ranged between N1,362/$ and N1,370.5/$, with an average of N1,366.27/$
On Monday, the currency traded between N1,362/$ and N1,374.5/$, with an average of N1,365.89/$
Last week, the currency closed on Tuesday at N1,383/$ compared to N1,369/$ on Monday
The current level shows a stronger position compared to recent trading sessions, as external reserves declined to N48.36 billion as of April 30, 2026.
The improvement comes amid shifting global currency trends, as the U.S. dollar weakened against major currencies following easing geopolitical tensions.
Global currency markets showed mixed movements, with the U.S. dollar weakening amid signs of easing geopolitical tensions, particularly involving the Middle East.
The dollar index slipped to 98.299, reflecting a slight weakening of the U.S. currency
The euro rose to $1.1714, while the British pound traded at $1.35685
The Australian dollar gained to $0.7208, and the New Zealand dollar rose to $0.5905, while the Japanese yen traded at 157.62 per dollar, remaining under pressure despite slight gains
The dollar’s retreat followed comments from U.S. officials indicating progress toward a potential agreement with Iran, which also contributed to a drop in oil prices.
U.S. crude oil prices fell by more than $2, with West Texas Intermediate trading near $100 per barrel, easing some pressure on global markets.
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