The Nigerian naira kicked off the week on a positive note, extending its gains against the US dollar across both the official and parallel markets, in what many analysts see as a sign of the economy’s gradual recovery.
Data from the Central Bank of Nigeria (CBN) shows that the naira appreciated at the Nigerian Foreign Exchange Market (NFEM), closing at N1,529.71 per dollar on Monday. This marks an improvement of N9.53 compared to Friday’s closing rate of N1,539.24 per dollar.
Similarly, the naira recorded gains at the parallel market. It appreciated to N1,565 per dollar, up from N1,575 per dollar on Friday, representing a N10 gain.
Market watchers are optimistic that the steady appreciation could continue, provided key policy measures and foreign exchange inflows remain stable.
