The naira strengthened against the dollar in both parallel and official foreign exchange markets on Monday, marking a positive start to the week.
Data from the Central Bank of Nigeria indicated that the naira appreciated to N1,497.11 per dollar on Monday, improving from N1,500.7 recorded last Friday.
This represents a gain of N3.11 at the official FX market compared to the exchange rate of N1,500.7 on Friday, February 21, 2025.
Similarly, in the black market, the naira rose to N1,500 per dollar on Monday, up from N1,505 last Friday.
This signifies a N5 increase in the parallel FX market compared to last Friday’s rate.
Too society reports that the naira experienced more gains than losses over the past week.
Last week, the currency strengthened by N60 in the black market.
Meanwhile, Financial Derivatives CEO Bismark Rewane has warned that the naira’s recovery is not yet secured, as the CBN still injected $8 billion to support the Nigerian currency in the FX market.
