BREAKING NEWS: NAIRA gains strength against the US dollar on Tuesday (See exchange rate)

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The Nigerian Naira appreciated against the US dollar on Tuesday after one-week long depreciation against all major currencies.

On Tuesday, however, the Naira exchanged for between N380 (buying), and N390 (selling) as against N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 on the parallel market respectively. 

At the Bureau De Change (BDC), the naira was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430 respectively.

Trading at the interbank market saw the naira closed at N306.25.

Traders at the market said that the intervention by the Central Bank of Nigeria (CBN) at the different segments of the foreign exchange market was driving the strengthening of the naira against the dollar.

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