The naira appreciated in the official market on Monday, closing at N1,545/$1, a 0.25% improvement from the last close of N1,549/$1.
Opening the week in appreciation against the dollar marks a rebound from last week’s decline. Following a drop in the foreign exchange market last Friday, the naira’s recovery on Monday provided a positive start to the week.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,541/41 and N1,555/$1 during Monday’s trading session.
In the parallel market, it dropped below N1,600/$1 which it had continuously maintained, closing at N1,590/$1, an improvement from Friday’s close of N1,600/$1.
However, against the British pound, the naira weakened to N2,140/£1, compared to the previous close of N2,135/£1. It also declined against the euro, falling to N1,780/€1 from N1,775/€1.
The naira’s performance at the start of the week shows signs of positive momentum, especially with its dip below N1,600/$1 in the parallel market, a threshold it had held for weeks.
This development signals the impact of sustained policy efforts and improved foreign exchange supply, offering a glimmer of hope for market stability.
