The naira recorded notable gains against the United States dollar at the official foreign exchange market on Monday, rebounding from losses recorded the previous week.
Data released by the Central Bank of Nigeria (CBN) showed that the naira appreciated to N1,465.29 per dollar, compared with N1,475.35 traded on Friday, October 17.
This represents a N10.06 gain against the dollar at the close of Monday’s trading session.
However, at the parallel (black) market, the exchange rate remained unchanged at N1,500 per dollar, the same rate recorded last Friday.
The local currency had depreciated by N20.18 on a week-on-week basis last week, following increased dollar demand across various segments of the market.
Analysts say the latest rebound reflects improved liquidity conditions and renewed confidence in the official forex window.
