The naira appreciated in the official market on Monday, closing at N1,519/$1, a 0.72% improvement from Friday’s close of N1,530/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuated between N1,515/$1 and N1,532/$1 during official trading hours on Monday.
After dipping at the end of the week, the naira rebounded to start the new week on a stronger note, improving even on last Monday’s opening rate of N1,528/$1.
In the parallel market, the naira showed mixed performance, weakening against the British pound. It depreciated to N1,545/$1 from Friday’s N1,540/$1.
Against the British pound, however, it improved to N2,130/£1 from N2,135/£1. Conversely, it declined against the euro, closing N1,790/€1 from its previous 1,785/€1.
While it’s too early to predict a sustained recovery, the naira’s rebound offers a glimmer of hope amid recent volatility in the foreign exchange market.
The positive movement suggests tentative investor confidence in current economic reforms.
