The naira strengthened further in the official market on Monday, closing at N1,579/$1 from the last close of N1,580/$1.
Monday’s appreciation marks one week of consistent improvement for the currency, which began last Tuesday when it closed at N1,584/$1, up from its prior rate of N1,590/$1.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira’s lowest rate during Monday’s trading session was N1,578/$1, while the highest rate was N1,583/$1, before settling at the NFEM rate of N1,579.41/$1.
In the parallel market, the naira held its previous rate of N1,610/$1. However, it depreciated to N2,145/£1 against the British pound, compared to last Friday’s close of N2,140/£1. Similarly, it also fell against the euro to N1,790/€1, down from the last close of N1,780/€1.
The naira has demonstrated a notable upward trend over the past week in the official market, continuously keeping the dollar below the N1,600/$1 in the official market.
This signifies stability and positive momentum amid ongoing reforms aimed at boosting the foreign exchange market efficiency.
