The Nigerian naira rebounded against the United States dollar on Tuesday, closing at N1390 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window.

Data from the CBN showed that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1401.40 per dollar, marking an appreciation after two weeks of steady depreciation.

On Monday, March 9, the naira had traded at N1405.62 per dollar (NFEM) and closed at N1425 per dollar in the official market. Comparisons with Tuesday’s rates indicate a rebound of N34.5 in the official closing rate and N4.2 at the NFEM rate against the US dollar.

At the parallel market, the naira also strengthened for the second consecutive day, appreciating by N10. Bureau De Change operators in Lagos, Kano, Port Harcourt, and Abuja reported that the naira exchanged at N1,400 per dollar for buying and N1,410 per dollar for selling on Tuesday.

Market Summary:

  • CBN (Closing Rate): N1390.5/$
  • Black Market (Buying/Selling Rates): N1,400 – N1,410

The rebound reflects a short-term stabilization in the foreign exchange market, providing relief to businesses and individuals reliant on foreign currency transactions.

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