Market News
Naira appreciates to N1,600 against dollar, records highest in weeks - THE NATION
The naira strengthened against the US dollar in the official foreign exchange market on Monday, posting its most notable appreciation in weeks.
According to data from the Central Bank of Nigeria (CBN), the naira closed at N1,600.44 to the dollar, improving from N1,606.15 recorded at the close of trading last Friday. This marks a N5.71 gain for the local currency.
It is the most significant appreciation since April 30, 2025, when the naira closed at N1,596.68 following a N3.02 gain that day.
Meanwhile, activity in the parallel market remained unchanged. The naira held steady at N1,630 to the dollar on Monday—the same rate observed at the end of last week.
This latest development follows a stretch in which the naira faced more depreciation than recovery, despite a series of monetary policy interventions by the Central Bank aimed at stabilising the currency.
The apex bank continues to monitor and adjust its strategies as the naira’s performance remains volatile across both markets.
