Naira appreciates against dollar for the first time in weeks

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The naira has strengthened against the US dollar in the official foreign exchange market, reaching its highest level in weeks. According to the Central Bank of Nigeria, the naira closed at N1,600.44 to the dollar on Monday, a gain of N5.71 from the N1,606.15 rate recorded on Friday.

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This surge marks the most substantial appreciation since April 30, 2025, when the naira closed at N1,596.68 against the dollar after a N3.02 gain. However, in contrast to the official market movement, the naira’s value remained unchanged in the parallel market, trading at N1,630 per dollar.

The recent appreciation comes after a period of depreciation, and despite various monetary interventions by the apex bank aimed at stabilising the exchange rate, the currency has continued to fluctuate.

The data highlights the naira’s ongoing volatility in the foreign exchange market, with the local currency experiencing both gains and losses in recent times

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