The U.S. dollar experienced a significant decline, reaching N1,173.88 on Tuesday after the Central Bank of Nigeria sold over $300 million to commercial banks. This intervention led to a one-month high for the naira, reflecting dynamic market movements and economic factors influencing Nigeria's foreign exchange landscape.
The U.S dollar experienced a significant downturn, dropping to N1,173.88 on Tuesday following the Central Bank of Nigeria's sale of over $300 million to commercial banks. This intervention led to a one-month high for the naira, reaching its peak since April 12, 2024.
The naira saw a remarkable 14.09 percent increase against the dollar, marking its most substantial single-day gain since January. Dollar transactions surged by 81.59 percent to $328.32 million on Tuesday compared to Monday's $180.80 million.
In parallel, the naira strengthened on the black market, rising by N5 as the dollar traded at N1,515 on Tuesday, contrasting with N1,520 the previous day. This shift reflects dynamic market movements influenced by regulatory interventions and economic factors, underscoring the intricacies of Nigeria's foreign exchange landscape.
