The Naira began the week on a positive trajectory, rebounding from a disappointing performance the previous week.
On Monday, data from the Central Bank of Nigeria (CBN) indicated that the Naira appreciated to N1,531.19 per dollar on the Nigeria Foreign Exchange Market (NFEM).
This marks a notable improvement from Friday’s value, when the local currency traded at N1,536.89 per dollar, reflecting an appreciation of N5.70k.
In the parallel market, commonly referred to as the black market, the Naira also strengthened, exchanging at N1,560 per dollar compared to N1,570 on Friday of last week.
Economists attribute the stability in the parallel market to a decline in demand for the Naira and various control measures enacted by the CBN, which is closely monitoring the activities of traders.
