The Nigerian naira showed signs of strength as it appreciated against the US dollar in the parallel market on Tuesday. According to Dayyabu Mistila, a Bureau De Change Operator in Wuse Zone 4, the naira was traded at N1,205 per $1 on Tuesday, marking a significant improvement from the N1,233 on Christmas Day.
Mistila noted, “We sold at N1,205 per $1 on Tuesday, compared to N1,233 on Monday (Christmas Day). However, we buy at N1,195 per $1 on Tuesday.” This indicates a noteworthy strengthening of the Naira compared to its value on Monday.
Moreover, on Tuesday, the naira was trading around N1,181 to $1 on Binance, a P2P market and crypto platform. It is worth noting that trading closed for the Christmas holiday on Friday at N885.88 per $1 at the official FMDQ market, representing a significant shift in value.
The fluctuation in the naira’s value in the forex markets has been observed since the introduction of FX reforms by the Central Bank of Nigeria on June 14, 2023. Governor Olayemi Cardoso recently assured Nigerians that the naira is expected to experience further strengthening in the FX market in 2024.
This recent development in the forex market presents a promising outlook for the Nigerian economy and has sparked optimism among market participants, indicating a potentially positive trajectory for the naira’s value in the global exchange market.
![Omah Lay involved in ghastly car accident with his Tesla Trucks [VIDEO]](https://mediatalkafrica.com/wp-content/uploads/2025/05/Omah-Lay-involved-in-ghastly-car-accident-with-his-Tesla-300x173.avif)