Naira gains N8.07 against the dollar at the official market, closing at N1,349.53 as the currency extends its appreciation streak.
The naira strengthened further against the United States dollar on Monday, gaining N8.07 at the official foreign exchange market to close at N1,349.53 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated from N1,357.60 recorded at the previous trading session, representing a 0.6 per cent gain.
Monday’s performance extended the naira’s recent appreciation streak, with the currency recording gains for a fifth consecutive trading day after a positive run through the previous week.
The latest movement places the naira below the N1,400-per-dollar level at the official market, reflecting continued improvement in its recent performance.
The CBN identifies the Nigerian Foreign Exchange Market (NFEM) rate as the official exchange rate for the day, with the rate derived from the volume-weighted average of transactions in the market.
The naira’s latest gain comes amid continued efforts to deepen the functioning of Nigeria’s foreign exchange market and improve price discovery. The CBN maintains daily exchange-rate data as part of its financial and economic statistics.
The sustained appreciation will be closely watched by businesses, importers, investors and other foreign-exchange users, particularly because movements in the exchange rate influence the cost of imported goods, production inputs and other dollar-denominated transactions.
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