The naira held steady in the official foreign exchange (FX) market on Tuesday, supported by improved market liquidity and stronger external reserves.
Data published by the Central Bank of Nigeria (CBN) showed the naira appreciated by N2.28 as the dollar was quoted at N1,362.55 on Tuesday, compared with N1,364.83 recorded on the previous trading day at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, also known as the black market, the local currency closed at N1,412 per dollar on Tuesday, representing a 0.21 percent gain from N1,415 recorded previously. The gap between the official and parallel market exchange rates widened slightly to 3.7 percent from 3.5 percent last week.
Total turnover at the interbank segment of the FX market increased by 13.99 percent to $156.23 million on Tuesday from $137.05 million recorded on Monday. The number of deals remained largely stable, rising marginally to 139
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