The naira sustained its upward trend against the United States dollar at the official foreign exchange market on Monday, according to data released by the Central Bank of Nigeria.
The local currency appreciated to N1,357.77 per dollar, improving from the N1,366.23 recorded at the close of trading on Friday. This represents a gain of N8.46 for the naira at the official window.
However, a different trend was observed at the parallel market, where the naira depreciated by N5 to N1,430 per dollar on Monday, compared to N1,425 per dollar at the end of last week.
DAILY POST reports that the currency began the week on a mixed note across the foreign exchange markets.
The development comes as the National Bureau of Statistics reported a slight decline in Nigeria’s headline inflation, which eased to 15.06 percent in February.
In addition, recent data from the apex bank showed that the country’s foreign reserves increased to $50.027 billion last week, signaling improved external liquidity.
