The naira showed relative stability on Tuesday, trading at about 1,360.19 per US dollar in the official Nigerian Foreign Exchange Market (NFEM).
At the start of trading, the currency was recorded at around 1,359.23 before experiencing slight fluctuations as market forces adjusted through the day.
According to market data, the movement reflects the ongoing balance between demand and supply in the official window as participants seek a daily equilibrium rate.
The Central Bank of Nigeria continues to closely monitor trading activity under the “willing buyer, willing seller” framework, which is designed to support price discovery while limiting sharp disruptions in the exchange rate.
Market performance is also being influenced by broader macroeconomic conditions, particularly global oil prices, which remain a key source of foreign exchange inflows supporting the naira.
Domestic liquidity conditions are further shaped by the clearance of outstanding corporate foreign exchange obligations and seasonal demand linked to international payments.
Analysts say the market is likely to remain within its current range for the rest of the session unless there is a major policy intervention or a shift in global economic sentiment.
Stakeholders are expected to monitor closing figures later in the day to better assess the naira’s performance for the midweek trading period.
