The Nigerian Naira (₦) recorded a marginal gain against the United States Dollar at the official foreign exchange market on Tuesday, continuing its attempt to stabilize in the FX market.

According to data released by the Central Bank of Nigeria (CBN), the local currency traded at ₦1,320.25 to $1 on Tuesday. This reflects a slight improvement from Monday’s closing rate of ₦1,320.56 to $1.

Market Summary

  • Official CBN Rate: ₦1,320.25/$1 (Up slightly from ₦1,320.56/$1 on Monday)

  • Parallel Market Rate: ₦1,400/$1

  • Market Outlook: Actual exchange rates offered by Bureau De Change (BDC) operators and commercial banks may vary slightly depending on transaction margins, local demand, and liquidity conditions.

Financial analysts and market participants continue to monitor foreign exchange inflows, dollar demand pressure, and central bank monetary interventions to gauge whether the naira can sustain its stability throughout the month.