Nigeria's currency, the naira, recorded mixed performance across different segments of the foreign exchange market on Tuesday, according to the latest data from the Central Bank of Nigeria (CBN).

At the official foreign exchange market, the naira appreciated marginally to ₦1,600.03 per dollar on Tuesday, an improvement from Monday's rate of ₦1,600.44. This represents a modest gain of ₦0.41 against the dollar, significantly lower than the ₦5.71 appreciation recorded the previous day.

However, the parallel market (commonly known as the black market) told a different story, with the naira depreciating to ₦1,635 per dollar on Tuesday from ₦1,630 exchanged on Monday, reflecting a ₦5 loss in value.

The divergent movements in both markets highlight the ongoing volatility in Nigeria's foreign exchange landscape, with the naira experiencing simultaneous appreciation at the official market and depreciation at the parallel market.

Meanwhile, Nigeria's external reserves showed some positive movement earlier this month, growing by $86.67 million to reach $38.10 billion on May 6, 2025, according to CBN data. However, the reserves have since declined to $38.21 billion as of Monday, May 12, 2025.

The fluctuations in both the naira's exchange rate and the country's external reserves continue to be closely monitored by financial analysts and stakeholders, as they represent key indicators of Nigeria's economic health and stability.

Economic experts suggest that the marginal appreciation in the official market could be attributed to the CBN's ongoing interventions and policy adjustments aimed at stabilizing the naira, though these efforts have yet to significantly impact the parallel market rates.