The Nigerian naira remained unchanged against the US dollar in the official foreign exchange market on Tuesday, closing at N1,530 to $1.
Data from the Nigerian Foreign Exchange Market (NFEM) indicated that the local currency traded within a narrow band of N1,521 to N1,531.50 per dollar during the day, reflecting a brief pause in the usual rate volatility.
Similarly, the naira maintained its previous levels in the parallel market, ending the day at N1,560/$1 and N2,140/£1. However, it weakened slightly against the euro, depreciating from N1,770/€1 to N1,775/€1.
The relative stability across both official and informal currency markets offers temporary relief to traders and investors, though analysts caution that lasting stability hinges on sustained economic reforms and proactive measures by the Central Bank of Nigeria (CBN).
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