Naira Gains N0.40 Against Dollar at Official Market
The Nigerian naira showed slight appreciation against the US dollar in Tuesday’s official foreign exchange market trading session.
Official Market Performance
According to data from the Central Bank of Nigeria (CBN), the naira strengthened to N1,600.03 per dollar compared to Monday’s closing rate of N1,600.43. This represents a modest gain of N0.40 for the local currency.
Parallel Market and Other Currencies
In contrast to the official market movement, the naira maintained stability in the parallel market, trading flat at N1,635/$1. However, the currency showed mixed performance against other major currencies:
- British Pound: Lost N10 to trade at N2,180/£1
- Canadian Dollar: Remained steady at N1,150/CA$1
- Euro: Depreciated by N5 to ₦1,835/€1
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