The naira opened the week in appreciation on Monday, improving against the U.S dollar in both the official and black markets, as it traded at N1,535/$1 in the black market.
This marks an improvement from last Friday’s close of N1,541/$1. Against the British pound, the naira appreciated to N2,095/£1 from N2,100/£1, while it sold at N2,120/£1 from N2,125/£1. In contrast, the naira depreciated against the euro, trading at N1,778/€1 from N1,775/€1, while the selling price was quoted at N1,798/€1.
Maintaining the same positive trajectory in the official market, the Nigerian currency improved to N1,526/$1 on Monday from its last Friday’s close of N1,532/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira moving between N1,522/$1 and N1,531/$1 during Monday’s trading session.
The naira’s appreciation against the dollar reflects improved market confidence and increased foreign exchange liquidity. However, sustaining this momentum will depend on consistent policy support, steady capital inflows, and measures to enhance economic stability.
