The U.S. dollar fell to N1,173.88 on Tuesday following the Central Bank of Nigeria’s (CBN) sale of over $300 million to commercial banks on Monday and Tuesday.
This intervention pushed the naira to a one-month high of N1,173.88, its strongest level since April 12, 2024, when it stood at N1,142.38, based on data from the FMDQ Securities Exchange Limited.
By the end of trading on Tuesday, the naira had strengthened by 14.09 percent against the dollar, which was quoted at N1,339.33 on Monday in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marks the largest single-day gain since January.
The volume of dollars supplied by willing buyers and sellers surged by 81.59 percent, reaching $328.32 million on Tuesday, up from $180.80 million on Monday.
In the parallel market, also known as the black market, the naira appreciated by N5, with the dollar quoted at N1,515 on Tuesday compared to N1,520 on Monday.
 sale of over $300 million to commercial banks on Monday and Tuesday.){kind=link}