The naira opened the week in appreciation in the black market on Monday, strengthening against the dollar to N1,510/$ from last week’s rate of N1,515/$1.
Continuing its positive trajectory from last week, the naira maintained its resilience against the U.S dollar. The naira recorded notable improvement against the British pound and euro, appreciating to N2,070/£1 and N2,085/£1 respectively, with sell price rising to N2,090/£1 from N2,110/£1.
Against the euro, it improved to N1,760/€1 from N1,770/€1, while the sell price increased to N1,780/€1 from N1,790/€1.
The naira movement in the official market was not as impressive, declining to N1,489/$1 from the previous week’s close of N1,488/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuating between N1,486/$1 and N1,492/$1 during Monday’s trading.
Monday’s dollar-to-naira performance reflects the persistent volatility in the foreign exchange market. Sustained progress will hinge on stronger fiscal policies and confidence in monetary reforms.
