By Tunji Faleye
The naira remained unchanged at N1,545 per dollar in the official foreign exchange window on Tuesday, maintaining the same level as recorded in the previous session.
Despite ongoing demand pressures in the forex market, Nigeria’s currency demonstrated relative stability throughout the trading day. Data from the Nigerian Foreign Exchange Market (NFEM) indicated that the naira fluctuated between N1,541 and N1,547.90 to the dollar during transactions.
In the parallel market, however, the naira saw a slight decline, settling at N1,595 per dollar, compared to N1,590/$1 recorded on Monday.
Meanwhile, the local currency posted modest gains against other major currencies, appreciating to N2,135/£1 from N2,140/£1 against the British pound and rising to N1,775/€1 from N1,780/€1 against the euro.
While the naira continues to withstand significant market pressure, sustained stability will largely depend on ongoing interventions by the Central Bank of Nigeria (CBN).
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