This is indeed good news for the Nigerian economy as the naira strengthened on Tuesdays as official and parallel market quotes moved into the mid-₦1,400s amid improved FX liquidity and ongoing Central Bank of Nigeria (CBN) interventions.
This was contained in data published by market trackers and outlets citing CBN/NFEM figures put the official market at about ₦1,464–₦1,466. Alternative NFEM/CBN reporting (end-of-day series) — ₦1,465.2 per US$1 (market data services).
CBN official bulletin/market series (some reports) — ₦1,470.26 per US$1 (other media citing CBN/Efem closing).
Parallel/AbokiFX (black-market) — about ₦1,470–₦1,480 per US$1; several local market trackers reported parallel quotes clustered in this band on Tuesday.
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In the black market, the Nigerian currency tumbled against its American counterpart on Monday by N10 to quote at N1,475/$1 versus the previous trading session’s N1,465/$1.
The depreciation came as pressure mounted amid the absence of visible interventions in the past week, even as there were strong signals at the beginning of the last quarter of the year.
There are expectations that continue FX inflows and steady interventions by the apex bank will see the local currency trade within the N1,480 and N1,500 range.
