The Nigerian naira appreciated against the United States dollar at the official foreign exchange market on Monday, opening the new week and the month of August on a positive note.
According to data released by the Central Bank of Nigeria, the naira strengthened to N1,364.83 per dollar on Monday from N1,368.22 per dollar recorded on Friday.
The latest exchange rate indicates that the local currency gained N3.39 against the dollar compared to the close of trading last week.
At the parallel market, however, the naira remained unchanged, trading at N1,425 per dollar, the same rate recorded on Friday.
Meanwhile, Nigeria’s external reserves stood at $51.92 billion, according to the latest data from the apex bank.
Monday’s appreciation marks a rebound for the naira after it posted a week-long depreciation at the official foreign exchange market to close the previous trading week.
