The naira appreciated against the dollar in the parallel foreign exchange market on Monday, marking a positive start to the week.
According to Abubakar Alhasan, a Bureau de Change operator based in Wuse Zone 4, the local currency traded at ₦1,610 per dollar on Monday, an improvement from the ₦1,620 rate recorded last Friday. He attributed the gain to reduced demand for the U.S. dollar at the beginning of the week.
Alhasan reportedly said that the appreciation was driven by weak dollar demand on Monday.
The development reflects a ₦10 day-on-day gain for the naira in the unofficial market.
However, the trend was different at the official market, where the naira experienced a slight decline. According to data from the Central Bank of Nigeria, the local currency closed at ₦1,603.78 per dollar on Monday, down from ₦1,604.48 on Friday. This represents a marginal loss of ₦0.70 against the dollar.
The naira had ended last week on a negative note at the official foreign exchange window, weakening against the greenback on Friday.
Monday’s foreign exchange performance precedes the anticipated release of Nigeria’s consumer price index and inflation statistics by the National Bureau of Statistics, scheduled for Tuesday.
