The Nigerian Naira appreciated against the dollar in the parallel exchange market on Monday, recording a gain of ₦10.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, disclosed to DAILY POST that the Naira strengthened to ₦1,650 per dollar on Monday, compared to ₦1,660 recorded last Friday.
This improvement in the parallel market indicates a positive development for the local currency, which has faced persistent challenges in recent months.
However, in the official foreign exchange market, the Naira experienced a slight drop. According to data from the Financial Markets Dealers Quotation (FMDQ), the currency traded at ₦1,533.63 per dollar on Monday, compared to ₦1,531.20 last Friday, reflecting a marginal depreciation of ₦2.43.
The Naira’s performance continues to show mixed sentiments across different market segments. While the parallel market has seen a modest gain, the official window reflects a slight loss. This volatility underscores ongoing challenges despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.
Recent Trends
Over recent months, the Naira has fluctuated in value due to a combination of factors, including fluctuating forex demand, limited dollar supply, and monetary policy adjustments. The CBN’s interventions, including forex reforms and measures to improve liquidity, have aimed to address these issues, though the currency continues to experience periodic pressure.
As the government and monetary authorities implement further strategies to stabilize the exchange rate, analysts expect the Naira’s performance to remain closely tied to broader economic reforms and external market conditions.
