Nigeria’s naira recorded a significant appreciation against the United States dollar at the official foreign exchange market on Monday, just ahead of the national public holiday declared in honour of former President Muhammadu Buhari.
Figures published by the Central Bank of Nigeria (CBN) showed the naira closed at N1,518.89 per dollar, a sharp gain from the N1,530.26 recorded at the end of last week’s trading session. The N11.37 increase marks one of the most substantial single-day improvements for the local currency in recent weeks.
The gain at the official market comes amid anticipation of key economic data, as the National Bureau of Statistics (NBS) is expected to release the country’s latest inflation figures on Tuesday. Analysts suggest the prospect of rising or slowing inflation may have contributed to market movements.
Meanwhile, the parallel market remained unchanged, with the naira holding steady at N1,550 per dollar. Dealers in the black-market segment reported no significant change in demand or pricing, mirroring last week’s close.
The naira’s rally at the official window signals cautious optimism among traders and investors, especially as Nigeria observes a day of remembrance for the late president. The public holiday, declared by the federal government, is expected to slow market activity on Tuesday.