The naira on Monday recorded its highest appreciation in six months, strengthening to N1,497.46 per dollar at the official foreign exchange (FX) market.
The currency appreciated by 0.21 percent from the N1,501.49/$ recorded on September 12.
The current rate represents the strongest performance since March 4, when the exchange rate stood at N1,491.67/$.
According to the Nigeria Foreign Exchange Market (NFEM), the platform overseeing official FX trading in Nigeria, the local currency has been on a steady upward trend since the beginning of September.
Between September 1 and September 4, the naira gained consistently, trading at N1,526.09/$, N1,526.05/$, N1,521.45/$, and N1,514.86/$, respectively.
Sustaining the appreciation trend, the naira rose further to N1,506.84/$, N1,506.08/$, and N1,500.91/$ between September 8 and September 10, before dipping slightly to N1,502.13/$ on September 11.
At the parallel section of the FX market, the local currency also appreciated to N1,535 per dollar on Monday, a 0.32 percent rise from the N1,540/$ recorded on September 12.
The naira has maintained relative stability against the greenback in the parallel market since the beginning of the month.
On September 1, the naira traded at N1,545 per dollar, holding steady between September 2 and September 3 at N1,540/$, before appreciating further to N1,525/$ on September 8. It remained unchanged on September 9, before slipping to N1,535/$ on September 10 and N1,540/$ on September 11.
Wale Edun, minister of finance and coordinating minister of the economy, said the floating of the naira by the administration of President Bola Tinubu was already yielding positive results.
