The Nigerian naira strengthened against the United States dollar on Monday, reversing recent losses at the official foreign exchange market.
The local currency traded at ₦1,360.14 per dollar, according to exchange-rate data from the Central Bank of Nigeria (CBN).
The latest rate represents an appreciation of ₦5.54, compared with the ₦1,365.68 per dollar level recorded at the end of the previous trading week.
In percentage terms, the naira gained about 0.4 per cent against the dollar during Monday’s official market session.
Naira Returns to Gains After Previous Losses
Monday’s appreciation marked a recovery for the Nigerian currency following a period of weakness in the preceding sessions.
Market records showed the naira had ended the previous week around the ₦1,365 per dollar level, while recent official-market trading has remained within the ₦1,360 range.
The latest movement means fewer naira were required to purchase one US dollar at the official market compared with Friday’s level.
The Central Bank of Nigeria publishes the Nigerian Foreign Exchange Market rate based on a volume-weighted average of completed foreign exchange transactions, with the NFEM rate serving as the official exchange rate for the day.
The appreciation will keep attention on the naira’s performance in subsequent trading sessions as businesses, investors and other market participants monitor developments in Nigeria’s foreign exchange market.
