The naira closed Monday’s trading session at N1,531.19/$1 in the official market, appreciating by 0.37% from its previous close of N1,536.89/$1.
The local currency began the week on a positive note, reversing Friday’s 0.40% decline. Its stability is supported by the Central Bank of Nigeria (CBN), which sold $41.6 million at rates between N1,527.50/$1 and N1,531/$1.
During the session, the naira traded within a range of N1,527.50/$1 to N1,537/$1, before settling at N1,531.91/$1.
In the parallel market, the naira strengthened to N1,560/$1, a 1.27% gain from its previous close of N1,580/$1.
It dropped below N2,000 against the British pound, where it had remained throughout last week, appreciating to N1,980/£1, a 1.73% improvement from N2,015/£1. The euro also saw a 1.48% gain from its Friday close.
The naira’s overall improvement, particularly in the parallel market, results from the progress in CBN’s moves to stabilise the currency and ease foreign exchange pressures.
