Naira rises to N1,344.42 against the US Dollar at official forex market, continuing a strong appreciation trend ahead of Eid holidays

The Naira continued its strong rally against the United States Dollar on Tuesday, appreciating to N1,344.42 at the official foreign exchange market, according to data from the Central Bank of Nigeria.

Also read: Nigerians Struggle as Savings Rates Lag Behind Inflation

This represents a notable N13.35 gain from Monday’s rate of N1,357.77, surpassing the N8.46 appreciation recorded the previous day.

Analysts attribute the gain to sustained market interventions and increased demand for foreign exchange.

At the black market, however, the Naira remained unchanged at N1,430 per dollar, the same rate as on Friday, highlighting a persistent gap between official and parallel market valuations.

The currency’s rally comes amid a slight decline in Nigeria’s foreign reserves, which fell to $49.87 billion as of March 16, 2026, from $50.01 billion on March 12, according to CBN figures.

Also read: Nigerians Struggle as Savings Rates Lag Behind Inflation

The forex market is expected to conclude trading on Wednesday ahead of the Eid-ul-Fitr holidays, which begin on Thursday, with traders and investors closely monitoring the Naira’s performance.