Nigeria’s naira remained relatively stable on Tuesday, supported by the country’s strong external reserves, even as the Nigerian stock market slipped into negative territory on renewed profit-taking by investors.
The Central Bank of Nigeria’s external reserves currently stand at $52.73 billion, helping to sustain confidence in the foreign exchange market. On the official Nigerian Foreign Exchange Market (NFEM), the naira opened trading at around ₦1,362.09/$1, while rates in the parallel market ranged between ₦1,410 and ₦1,430 per dollar across major cities including Lagos and Abuja.
Meanwhile, the Nigerian Exchange (NGX) closed lower as bearish sentiment weighed on equities. The All-Share Index (ASI) fell to 247,238.74 points, although the market’s total capitalization remained strong at approximately ₦159.51 trillion, reflecting the size and resilience of Nigeria’s listed companies despite the day’s losses.
Analysts say the healthy level of foreign reserves continues to provide support for the naira, while movements in the stock market reflect normal investor repositioning rather than broader concerns about the economy.
