Naira Appreciates to N1,540/$1

The naira began the week on a positive note, appreciating by 0.84% in the official market on Tuesday.

It closed at N1,540/$1, up from the previous close of N1,553/$1 according to data from the Nigerian Foreign Exchange Market (NFEM).

During the trading session, the naira fluctuated between N1,532/$1 and N1,557.98/$1 revealing steady activity in the market.

This appreciation extends the continuous growth that began in early June, with the gradual recovery from months of stagnation and inflation-driven depreciation.

In the parallel market, the naira continued to hold ground as it closed at the same rate of N1,605/$1 on Tuesday. It gained 0.84%, improving to N1,770/€1, from N1,785/€1. However, it weakened slightly against the British pound, sliding to N2,145/£1 from N2,135/£1.

The recent performance of the naira signals a renewed market confidence in Nigeria’s economy driven by policy reforms. As the naira finds its footing, consistent effort from the Central Bank of Nigeria will be pivotal in stabilizing the market.