The naira strengthened on Tuesday as both official and parallel market rates moved to the mid-₦1,400 range, following improved foreign exchange liquidity and continued interventions by the Central Bank of Nigeria (CBN).
Data from market trackers and outlets citing CBN/NFEM figures showed the official market rate at around ₦1,464–₦1,466 per dollar. Other end-of-day reports placed the rate at ₦1,465.2 per dollar, while some media cited the CBN/Efem closing figure at ₦1,470.26 per dollar.
In the parallel market, also known as the black market, rates were quoted between ₦1,470 and ₦1,480 per dollar, according to several local market trackers on Tuesday.
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On Monday, the naira had weakened against the dollar in the black market, losing ₦10 to close at ₦1,475 per dollar from ₦1,465 in the previous session.
The decline followed pressure in the market amid limited visible interventions last week, even as signals pointed to a stronger start to the last quarter of the year.
Analysts expect that continued foreign exchange inflows and regular CBN interventions will help the naira trade between ₦1,480 and ₦1,500 in the near term.