Naira edges up to N1,333.65/$ at official market, black market holds at N1,375

The naira appreciated slightly against the US dollar at the official foreign exchange market on Tuesday, recovering marginally after starting the week on a negative note.

Data from the Central Bank of Nigeria showed that the naira strengthened marginally to N1,333.65 per dollar on Tuesday, compared with N1,333.72 recorded on Monday.

Official market gain

The movement means the naira gained N0.07 against the dollar on a day-to-day basis at the official foreign exchange market.

The gain was small, but it reversed the negative start to the week at the official window.

Parallel market steady

At the parallel market, popularly known as the black market, the naira remained stable at N1,375 per dollar on Tuesday.

That was the same rate recorded on Monday, according to the market position.

What it means

The marginal gain at the official market leaves the naira at N1,333.65 per dollar, while the parallel market rate stayed at N1,375 per dollar.

For consumers and businesses, the parallel market rate remains unchanged, so the small official market movement offers little relief on its own.