The naira began the trading week on a stronger note on Monday, appreciating by N1.92 against the United States dollar at the official foreign exchange market.
Data published on the Central Bank of Nigeria (CBN) showed that the local currency closed at N1,368.26/$, compared with N1,370.19/$ recorded at the close of trading on Friday, representing an appreciation of 0.14 per cent.
The latest gain extends the naira’s positive performance recorded throughout the previous trading week, reflecting continued stability in the official foreign exchange market.
The currency had opened last week at N1,383.62/$ on Monday before strengthening to N1,379.68/$ on Tuesday.
The upward trend continued on Wednesday as the exchange rate improved to N1,372.40/$, before the naira appreciated further to N1,370.15/$ on Thursday.
The official market closed the week on a positive note on Friday, with the local currency settling at N1,370.19/$, setting the stage for Monday’s further appreciation to N1,368.26/$.
Monday’s performance reinforces the relative stability the naira has recorded in recent months amid the Central Bank of Nigeria’s ongoing monetary and foreign exchange reforms.
Market analysts attributed the sustained improvement largely to improved foreign exchange liquidity in the official market, supported by increased investor confidence and policy measures aimed at enhancing market efficiency.