The naira appreciated in the official market on Monday, closing at N1,582/$1, up from last Friday’s close of N1,586/$1.
The currency began the week on a positive note after fluctuating throughout last week. Notably, this appreciation coincides with the first day of the month, setting an optimistic tone for the weeks ahead.
During Monday’s trading session, the naira fluctuated between N1,579/$1 and N1,584/$1 before settling at the Nigerian Foreign Exchange Market rate of N1,581.59/$1.
In the parallel market, the naira appreciated against all the major foreign currencies. It strengthened to N1,605/$1, a 0.62% surge from Friday’s close of N1,615/$1.
The currency also appreciated to N2,145/£1 against the from N2,150/£1 and surged to N1,785/€1 from the prior close of N1800/€1.
The Central Bank of Nigeria (CBN) will play a significant role in maintaining the positive momentum through strategic interventions aimed at ensuring stability.
