Nigeria’s currency, the naira, showed a mixed performance on Tuesday as it continued to strengthen in the official foreign exchange market but fell slightly in the black market.

According to data from the Central Bank of Nigeria (CBN), the naira appreciated slightly at the official rate, moving from N1,600.44 per dollar on Monday to N1,600.030 on Tuesday. This means it gained N0.41 in value.

Although the gain was small, it followed a stronger improvement of N5.71 recorded the previous day, showing that the naira has been slowly recovering in the official market.

On the other hand, the naira weakened in the black market. It was exchanged at N1,635 per dollar on Tuesday, compared to N1,630 on Monday. This marks a loss of N5.

This situation shows that while the naira performed better officially, it lost ground in the parallel market — creating a mixed outcome for traders and observers.

Meanwhile, Nigeria’s foreign reserves increased by $86.67 million, reaching $38.10 billion as of May 6, 2025. However, this amount slightly dropped to $38.21 billion by Monday, May 12, 2025, according to CBN records.

The naira’s movements and the state of the country’s foreign reserves continue to reflect the ongoing changes in Nigeria’s economic landscape.