The naira traded at about N1,360.19 to the dollar on Tuesday in the official Nigerian Foreign Exchange Market, reflecting mild volatility during intraday trading, according to market data.
The currency moved from an opening rate of N1,359.23 as demand and supply pressures shaped trading activity.
Analysts say the Central Bank of Nigeria is maintaining close oversight of the official window under its “willing buyer, willing seller” framework to support price discovery and limit sharp fluctuations.
Market performance is being influenced by global oil prices, a key source of Nigeria’s foreign exchange earnings, alongside domestic liquidity conditions and ongoing clearance of foreign exchange backlogs.
A currency analyst said external and internal pressures are driving short-term swings but noted relative stability in recent sessions.
“The market is still adjusting to supply and demand forces, but oil price support is helping to anchor the naira,” the analyst said.
Traders expect the currency to remain within a narrow range unless there is a major policy shift or external shock.
