The Nigerian naira recorded a significant recovery against the US dollar at the official foreign exchange market on Thursday, according to data from the Central Bank of Nigeria.

The local currency strengthened to N1586.15 per dollar on Thursday from N1590.74 recorded on Wednesday, representing a gain of N4.59 in a single trading day.

However, the naira's performance was mixed across markets as it simultaneously weakened at the parallel market, commonly known as the black market. The currency depreciated by N3 to trade at N1,623 per dollar on Thursday, down from N1,620 exchanged on Wednesday.

This latest movement comes after the naira had recorded depreciation across foreign exchange markets on Wednesday, highlighting the ongoing volatility in Nigeria's currency markets.

The currency fluctuations coincide with President Bola Ahmed Tinubu's second anniversary in office. In his May 29 statement marking the occasion, the President claimed that his administration's policies have helped stabilize the Nigerian economy.

"We have stabilised our economy," President Tinubu stated in his anniversary address.

However, economic experts have offered a more nuanced assessment of Nigeria's economic performance under the current administration. Bismark Rewane, Chief Executive Officer of Financial Derivatives, recently identified several challenging areas in the Nigerian economy during President Tinubu's first two years in office, including elevated inflation, rising debt, and other economic pressures.

The naira's performance in the foreign exchange market remains a critical indicator of Nigeria's economic health and continues to be closely monitored by investors, businesses, and citizens alike as the government implements various economic policies aimed at achieving long-term stability.