The Nigerian naira showed signs of appreciation against the United States dollar in the parallel foreign exchange market, closing Monday's trading session on a stronger note.

This development signals a shift towards a more favorable value for the naira, driven by increased demand for the local currency or reduced demand for the dollar in the black market.

Abubakar Alhasan, a Bureau de Change (BDC) operator in Wuse Zone 4, Abuja, reported that the naira traded at N1,600 per dollar on Tuesday, an improvement from the previous day's rate of N1,610 per dollar.

The N10 per dollar difference reflects a positive 24-hour movement, indicating a slight recovery for the naira after months of fluctuations due to factors like inflation, market speculation, and foreign exchange policies.

In the official foreign exchange market, the naira also saw a modest appreciation.

On Tuesday, the official exchange rate closed at N1,498.95 per dollar, up slightly from N1,495.60 the previous day. While the change is minor, it underscores a strengthening trend in the regulated market as well, offering a glimmer of confidence in the local currency.

This recent movement in the naira's value signals a potential shift in the exchange rate landscape, offering hope for greater stability in the Nigerian economy.