The naira appreciated significantly against the United States dollar at the official foreign exchange market, beginning the week on a positive note ahead of Tuesday’s public holiday in honour of the late Nigerian former president, Muhammadu Buhari.
Exchange data from the Central Bank of Nigeria showed that the naira strengthened to N1,518.89 against the dollar on Monday, up from N1,530.26 traded at the close of business last Friday.
This means the naira firmed up substantially by N11.37 against the dollar compared to the N1,530.26 rate on Friday.
Media Talk Africa reports that, for the first time since last week, the naira is recording this margin of gain at the official market in a single day.
Meanwhile, the naira remained stable at the parallel (black) market on Monday, closing at N1,550 per dollar, the same rate as recorded last week.
The appreciation on the official market comes as the Nigerian government, through the National Bureau of Statistics, is expected to release the country’s inflation rate on Tuesday.
Earlier, the Central Bank of Nigeria fixed its Monetary Policy Committee meeting to decide on Nigeria’s interest rate for July 21 and 22, 2025.
