The naira on Monday, achieved its highest appreciation against the US dollar, reaching N1,600.44 in the official forex market, the best performance since April 30, 2025.
According to exchange rate data from the Central Bank of Nigeria, the naira strengthened to N1,600.44 on Monday, improving from N1,606.15 traded on Friday.
This means that the naira gained N5.71 against the dollar on Monday when compared to N1,606.15 exchanged last week.
In contrast, the black market showed no change, with the naira maintaining its rate of N1,630 per dollar, the same figure recorded at the close of trading last Friday.
Recall that, in the past days, the naira recorded more depreciation than gains.
On April 30, the currency had appreciated by N3.02, closing at N1,596.68, a move that had sparked hope for a more stable naira.
Despite multiple interventions from the Central Bank aimed at stabilizing the market, the naira has continued to swing between gains and losses.
The naira has continued to experience fluctuations despite the apex bank’s monetary interventions.
