The Naira strengthened to N1,337 per dollar at the official foreign exchange market on Tuesday, rising from N1,344 on Monday.

Data from the Central Bank of Nigeria website shows this marks the Naira’s strongest official closing rate since May 29, 2024, when it stood at N1,329.65 per dollar.

The Naira strengthened amid improved dollar availability, gains in the parallel market, and shifting global geopolitical and monetary policy factors affecting emerging market currencies.

On Tuesday, the currency rose in both official and parallel foreign exchange markets, supported by better supply conditions and steadier investor confidence.

According to CBN, the Naira closed at N1,337 per dollar, extending its gradual recovery.

The official exchange rate rose from N1,344 per dollar on Monday to N1,337 per dollar on Tuesday, marking the strongest close since May 29, 2024, when the Naira traded at N1,329.65 per dollar.

In the parallel market, the currency exchanged at N1,382.5 per dollar, up from N1,393.35 per dollar the previous day.

The figures indicate renewed short-term stability in the foreign exchange market, driven by improved dollar supply and speculative adjustments by traders.

It was earlier reported that the CBN’s Governor Olayemi Cardoso said that Nigeria is taking a leading role in promoting Africa’s single currency initiative.