The naira opened the week marginally stronger at the official foreign-exchange window, while its parallel-market value held steady. The move followed a rise in Nigeria’s foreign-exchange reserves to $54.13 billion and came after the currency’s decline on Friday ended a four-session advance.
Key takeaways
- The official exchange rate improved to N1,320.56 per dollar from N1,321.22.
- The naira’s gain at the official market was N0.66 against the US currency.
- Dealers in the black market continued to quote the dollar at N1,400.
- Nigeria’s foreign reserves climbed to $54.13 billion on Friday.
- Friday’s weakening had interrupted four straight days of naira appreciation.
Naira edges higher at official market
Data from the Central Bank of Nigeria showed that the naira strengthened slightly on Monday, with the official rate moving to N1,320.56 for one dollar from N1,321.22 at the end of the previous week.
The change represented a N0.66 improvement for the Nigerian currency at the official foreign-exchange market as trading resumed after the weekend.
Parallel rate remains unchanged
In the black market, the dollar continued to trade at N1,400 on Monday. That level was unchanged from the rate recorded when business closed the previous week.
The currency movement came as Nigeria’s foreign-exchange reserves rose to $54.13 billion on Friday. The latest appreciation also followed a weaker session at the end of last week, when the naira lost ground against the dollar after advancing for four consecutive trading days.
