Naira gains ground, appreciates against dollar

The Nigerian currency, Naira, posted a modest gain against the U.S. dollar on Monday, strengthening to N1,600.44 at the official foreign exchange window.

According to figures published on the Central Bank of Nigeria (CBN) website, the local currency appreciated by N5.71 compared to Friday’s rate of N1,606.15.

The 0.35 percent increase marks a continuation of the recovery the Naira showed at the end of last week, when it climbed by N3.48 on Friday.
On Thursday, May 8, the exchange rate stood at N1,609.64 per dollar.