The Nigerian naira has started the week on a positive note, gaining significant ground against the United States dollar in both the parallel and official foreign exchange markets. According to market data, the naira’s appreciation was observed on Monday, marking a notable improvement from its previous performance.

In the parallel market, also known as the black market, the naira strengthened to N1,485 per dollar, up from N1,500 on Friday, October 25. This represents a gain of N15 against the dollar compared to the close of last week. Abubakar Alhasan, a Bureau De Change operator in Abuja, confirmed this development, highlighting the naira’s improved performance in the unofficial market.

At the official market, the Central Bank of Nigeria’s data showed that the naira appreciated by N5.16, closing at N1,452.79 to the dollar on Monday. This is an improvement from the N1,457.96 recorded on Friday. Notably, this marks the naira’s fifth consecutive appreciation against the dollar at the official market, indicating a positive trend in the country’s foreign exchange market.

The naira’s appreciation is a welcome development, especially given the country’s reliance on imports and the impact of exchange rates on the economy. A stronger naira can help reduce the cost of imports, which in turn can help mitigate inflationary pressures. The foreign exchange market’s performance is closely watched by investors, businesses, and individuals, as it has a significant impact on the overall economy.

The Central Bank of Nigeria has been working to stabilize the foreign exchange market and improve the naira’s value. The bank’s efforts, combined with other economic factors, appear to be yielding positive results. As the week progresses, market watchers will be keen to see if the naira can sustain its current momentum and continue to appreciate against the dollar. The development is expected to have a positive impact on the country’s economy, and stakeholders will be monitoring the situation closely.