Naira strengthens against dollar in parallel market

The Naira showed signs of strengthening on Monday, trading at N1,480 per dollar in the parallel market, up from N1,490 per dollar recorded over the weekend.

In the Nigerian Foreign Exchange Market (NFEM), the local currency also gained momentum, closing at N1,464 per dollar. Data from the Central Bank of Nigeria (CBN) confirmed that the naira improved from N1,469 per dollar on Friday to N1,464 per dollar on Monday, reflecting a modest N5 appreciation against the US dollar.

This upward movement in the naira signals growing stability in the currency market, offering a positive outlook for businesses and consumers navigating foreign exchange challenges in Nigeria.