The foreign exchange market closed on Tuesday with Nigeria’s currency stable at N483 per dollar on the black market.

However, naira weakened by N2 at the Bureau De Change (BDC) segment as the dollar was traded at N482 on Tuesday as against N480 traded on Monday.

The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of the Covid-19 pandemic.

At the Investors and Exporters (I&E) forex window, the local currency appreciated by 0.13 percent as the dollar was quoted at N385.50 as against the last close of N386.00.

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Earlier the market opened with an indicative rate of N385.96k on Tuesday, representing a marginal appreciation of N0.09k when compared with N386.05k opened with on Monday.

Analysts at FSDH research noted that most participants maintained bids between N383.00k and N394.83k per dollar.

The daily forex turnover increased significantly by 257.48 percent to $163.87 million on Tuesday from $45.84 million recorded on Monday, data from FMDQ stated.

At the Monetary Policy Committee (MPC) meeting held in Abuja on Monday and Tuesday, the committee noted a moderate decline in the external reserves position, which stood at US$35.18 billion as of November 19, 2020, compared with US$35.95 billion at end-September 2020, as crude oil prices continue to fluctuate with downward pressure.

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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