BREAKING: Naira Appreciates Massively At Official Market, See New Exchange Rate

Naira has appreciated massively at official market, see new exchange rate below.

NaijaOnPoint Nigeria reports that the naira appreciated against the US dollar at the official foreign exchange market on Monday, closing at N1,597.7/$1, according to data published on the Central Bank of Nigeria (CBN) website.

This marks an improvement from N1,607.0/$1 recorded last Friday, indicating a gain of N9.3 or 0.58% over the weekend.

In-day trading data showed the naira fluctuated between a high of N1,605.05/$1 and a low of N1,595/$1, with a simple average rate of N1,600.3/$1 at the Nigerian Foreign Exchange Market (NFEM).

Meanwhile, the naira traded at N2,113.36/£1 against the British pound sterling, reflecting continued pressure from stronger currencies across major FX pairs.

In the black market, the naira also showed signs of strength, appreciating slightly to N1,623/$1 on Monday from N1,630/$1 on Friday. This reduced the gap between the official and parallel market rates to just N25.3, one of the narrowest margins recorded in recent weeks.