The Nigerian naira appreciated against the U.S. dollar on Monday, posting gains in both the official foreign exchange window and the parallel market.
Data from the Central Bank of Nigeria showed that the naira closed at ₦1,528.33 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), strengthening slightly from ₦1,528.56 recorded at the close of trading last Friday.
In the parallel market, the local currency also improved, exchanging at ₦1,550 per dollar—₦20 stronger than the ₦1,570 rate seen at the end of the previous week.
The dual-market appreciation comes amid ongoing efforts by monetary authorities to stabilise the currency and curb volatility across forex segments.
Analysts say the movement, though modest, may signal improving market sentiment and a gradual return of confidence among traders and investors.