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‎The naira recorded a significant appreciation against the United States dollar on Tuesday at the official foreign exchange market.
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‎Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to N1,419.07 against the dollar on Tuesday, compared with N1,429.31 recorded on Monday.
‎This represents a day-on-day gain of N10.24 for the local currency.
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‎Reports indicate that the appreciation recorded on Tuesday is the highest single-day gain since official currency trading commenced in 2026.
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‎Meanwhile, the naira remained stable at the parallel market, trading at N1,480 per dollar on Tuesday, unchanged from the rate recorded on Monday.
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‎Bureau de Change operators at Wuse Zone 4 in Abuja confirmed the stability of the exchange rate at the black market.
‎The strengthening of the naira comes amid an improvement in Nigeria’s external reserves, which rose to $45.61 billion as of Jan. 5, 2026, from $45.57 billion recorded on Jan. 2.
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‎Analysts say the rise in foreign reserves has continued to support confidence in the foreign exchange market.