The Nigerian naira showed signs of renewed strength on Monday, gaining marginal ground against the United States dollar in both the parallel and official exchange markets.
In the informal currency market, the naira traded at ₦1,600 to the dollar, reflecting an improvement from the ₦1,610 rate observed over the weekend. This modest gain suggests a slight uptick in confidence among currency traders and a possible easing in demand pressure.
Similarly, the local currency posted a small appreciation in the Nigerian Foreign Exchange Market (NFEM), where it settled at ₦1,605 per dollar. This represents a one-naira gain compared to the ₦1,606 closing rate recorded last Friday.
According to figures released by the Central Bank of Nigeria (CBN), the naira’s movement in the official market also indicates a slight upward trend. Though the change may appear minimal, it adds to the string of modest gains the naira has made in recent weeks.
Currency analysts suggest that the improvement could be linked to recent interventions by the apex bank, as well as increased dollar inflows from remittances and other non-oil sources.
Market watchers remain cautiously optimistic as they continue to monitor fluctuations across both markets for signs of broader economic stability.
