The Naira appreciated by N5 against the dollar in both the parallel and official markets, closing at N1,480/$ and N1,464/$ respectively.
The Naira yesterday appreciated in both the parallel and official markets, reflecting modest gains against the United States dollar.
In the parallel market, the local currency strengthened to N1,480 per dollar from N1,490 recorded last weekend. Similarly, at the Nigerian Foreign Exchange Market (NFEM), the Naira rose to N1,464 per dollar.
Data released by the Central Bank of Nigeria (CBN) confirmed the appreciation trend, showing the exchange rate closed at N1,464 per dollar, compared with N1,469 per dollar on Friday. This marks a N5 gain for the Naira within the official window.
Analysts attributed the development to increased dollar inflows and improved confidence in CBN’s interventions.
The apex bank has continued to monitor liquidity and exchange rate stability, emphasizing its commitment to a more market-reflective pricing framework.
With these gains, traders and economists are closely watching whether the Naira can sustain the momentum amid rising import demand and global oil price fluctuations.