Naira Strengthens Slightly as Dollar Loses Grip in Forex Market

The naira maintained its upward momentum against the US dollar at the foreign exchange market on Tuesday. Data from the Central Bank of Nigeria showed that the currency closed at N1,526.06 to the dollar, slightly stronger than Monday’s N1,526.09, representing a marginal gain of 0.03 percent.

At the parallel market, the rate held steady at N1,533 per dollar, according to a Bureau de Change operator in Wuse Zone 6, Abuja. This stability follows renewed public debate over the strength of the naira, with presidential spokesperson Bayo Onanuga dismissing opposition criticism and asserting that the dollar is no longer dominant over Nigeria’s currency.

Fresh figures from the CBN also indicated rising external reserves, which stood at $41.42 billion as of September 1, up from $41.22 billion recorded on August 29. The increase reflects sustained inflows and offers further support for the naira’s recent resilience.