Naira appreciates on official, black markets

The naira recorded an appreciation against the United States dollar across both the official and parallel foreign exchange markets on Monday.

According to official data from the Central Bank of Nigeria, the naira strengthened slightly to N1,528.33 on Monday, compared to N1,528.56 recorded on Friday last week.

This reflects a marginal gain of N0.23 at the official market, signalling a modest but positive movement in the currency’s value.

Similarly, in the parallel market, commonly referred to as the black market, the naira appreciated significantly, rising by N20 to exchange at N1,550 per dollar on Monday, from N1,570 on Friday.

DAILY POST reports that this upward movement in the naira’s exchange rate on Monday follows its decline across both markets at the close of trading last week.