The Nigerian naira saw a modest boost on Monday, climbing to N1,600 per dollar in the parallel market, an improvement from the N1,610 rate recorded over the previous weekend.
The official market also reflected this upward movement, with the naira appreciating slightly to N1,605 per dollar at the Nigerian Foreign Exchange Market (NFEM). According to fresh data from the Central Bank of Nigeria (CBN), the local currency edged up by one naira, moving from N1,606 per dollar last Friday to its current rate.
This shift has slightly widened the gap between the official and unofficial exchange rates. The spread between the NFEM rate and the parallel market rate expanded to N5 per dollar, up from N4 per dollar over the weekend.
Market watchers will be keen to see if this positive momentum for the naira can be sustained in the coming days amid ongoing efforts to stabilize the foreign exchange market.
