The naira appreciated in the official market on Monday, closing at N1,530/$1, a slight improvement from last Friday’s close of N1,539/$1.
The currency opened the week with an optimistic outlook, showing resilience as it strengthened against the US dollar in the Nigeria Foreign Exchange Market (NFEM).
According to NFEM data, the naira traded between N1,528/$1 and N1,533/$1 during Monday’s session.
In the parallel market, however, the naira weakened slightly, closing at N1,560/$1, compared to N1,565/$1 on Friday.
While the local currency maintained its ground against the British pound, closing at N2,140/£1 the same as last week’s rate, it fell against the euro, closing at N1,770/€1, down from N1,765/€1 last week.
The naira’s performance showed mixed outcomes, with gains recorded in the official market while the currency fell against other foreign currencies in the foreign exchange market.
Highlighting the need for sustainable fiscal and monetary aimed aimed at restoring investor confidence and stabilizing the market.
