Abuja: The Naira appreciated on Monday at the official market, trading at N1,531.19 to a dollar. This marked a positive shift in the exchange rate, reflecting a gain of N5.70.
According to News Agency of Nigeria, data from the Central Bank of Nigeria (CBN) showed that the Naira’s value increased by 0.37 percent compared to the N1,536.89 per dollar recorded on Friday, March 21. Despite experiencing slight volatility in the previous week, the Naira managed to recover from two consecutive days of losses on Thursday and Friday, March 20 and 21.
The currency had closed trading at N1,530.62 to a dollar on Thursday, indicating a challenging period before the recent appreciation. The fluctuations in the Naira’s value are closely monitored by stakeholders in the Nigerian economy, especially given the impact of exchange rates on economic activities.