The Nigerian naira recorded its biggest single‑day gain against the US dollar in both the official and parallel foreign‑exchange markets on Monday. Data from the Central Bank of Nigeria showed the official rate strengthening to N1,526.09 per dollar, a rise of N5.48 from Friday’s N1,531.57. This improvement exceeds the N3.9 appreciation noted at the close of the previous Friday, indicating a notable increase in the naira’s value.
In the parallel (black) market, the naira also rose, moving from N1,543 on Friday to N1,533 on Monday, a firming of N10. A Bureau De Change operator in Wuse Zone 4, Abubakar Alhasan, attributed the appreciation to low demand for foreign currency, saying reduced FX demand was the primary driver rather than other market forces.
The development signals a possible shift in foreign‑exchange dynamics, with potential implications for businesses and individuals who rely on foreign‑currency transactions. While the Nigerian economy has struggled to maintain a stable exchange rate, the Central Bank of Nigeria has introduced various measures to manage the market and stabilize the naira. This recent gain suggests those efforts may be bearing fruit, though sustained observation will be needed to assess the durability of the naira’s appreciation.
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