Nigeria’s foreign exchange (FX) market began on a positive note on Monday as the naira appreciated to N1,572.86 per dollar from N1,602.75/$1 on Friday on the official market.
At the parallel market, the nation’s currency closed at N1,590 per dollar on Monday, stronger than the N1,605/$1 it closed at on Friday.
Several analysts expect the naira to stabilise further this week, following the introduction of policy measures by the Central Bank of Nigeria.
The FX market ended last week on a positive note as the naira appreciated against the dollar across official and parallel markets.
The dollar supplied by FX market players declined by 20.99 percent to $848.14 million compared to $1,073.50 million recorded in the previous trading week.
The pressure on the naira exchange rate eased last week as the country’s external reserves sustained growth in one month.
