The Nigerian naira experienced a substantial appreciation against the dollar in both the parallel and official foreign exchange markets on Tuesday.
In the black market, the naira strengthened against the dollar, closing at N1,625 on Tuesday, down from N1,650 on Monday, marking a N25 improvement.
“We are buying at N1,620 and selling at N1,625 today,” reported Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, told journalists.
In the official market, the naira also gained ground, rising to N1,522.28 per dollar from N1,533.63 on Monday, reflecting an increase of N11.
This positive trend for the naira over the past 24 hours follows the Central Bank of Nigeria’s release of the FX Code on Monday.
