The Naira recorded mixed movements across the official and parallel foreign exchange markets on Tuesday, as fresh data showed a slight appreciation in the official window while pressure persisted in segments of the black market.
According to data compiled by the CBN, the Naira strengthened marginally against the United States Dollar at the Nigerian Foreign Exchange Market (NAFEM).
At the official market, the local currency closed at ₦1,374.00/$1 on May 26, improving from ₦1,377.00/$1 recorded previously. The movement represents an appreciation of ₦3.00, or 0.22 per cent, based on figures published by the [Central Bank of Nigeria](https://www.cbn.gov.ng?utm_source=chatgpt.com).
However, the parallel market showed mixed outcomes across major foreign currencies.
The Dollar traded flat at ₦1,380.00/$1, unchanged from the previous trading session. In contrast, the British Pound weakened further against the Naira, rising to ₦1,850.00/£1 from ₦1,830.00/£1, while the Euro climbed to ₦1,620.00/€1 from ₦1,590.00/€1.
The Canadian Dollar remained stable at ₦1,005.00/CAD$1.
External Reserves Decline
Meanwhile, Nigeria’s external reserves declined marginally, raising concerns over the sustainability of forex market interventions.
Latest figures showed the country’s foreign reserves fell to $48.260 billion as of May 25, down from $48.983 billion recorded on May 22. This represents a decline of approximately 0.57 per cent, equivalent to a drop of about $723 million within the period.
