Market News
Naira dominates Dollar in stunning rebound - P.M.NEWS
By Grace Alegba
The Nigerian Naira strengthened against the US Dollar at the official market, closing at N1,354.25 per dollar on Monday.
This represents a gain of N11.93, or approximately 0.8%, compared to Friday’s rate of N1,366.19 per dollar, according to data from the Central Bank of Nigeria (CBN).
The appreciation underscores the ongoing stability in the foreign exchange market, largely attributed to recent reforms implemented by the CBN.
The Naira has been on a gradual upward trajectory in recent weeks, breaking below the psychologically significant N1,400 mark earlier this month and continuing to build on those gains.
On February 2, the currency traded at around N1,384.5 per dollar, marking a steady improvement from January’s closing rates, which hovered above N1,400.
The parallel market rate stood at approximately N1,454 per dollar last week, reflecting a premium of about 6.4% over the official rate, a figure that has narrowed significantly from highs of over 60% before the reforms took hold.
