The Nigerian Naira opened trading on Monday with a notable gain against the US Dollar at the official foreign exchange market, signaling a positive start to the week after a period of depreciation.
Data published by the Central Bank of Nigeria (CBN) showed that the Naira closed at ₦1,456.56 per dollar at the official Nigerian Foreign Exchange Market (NAFEM), appreciating by ₦7.93 or 0.5% compared to Friday’s closing rate of ₦1,464.49.
Monday’s uptick marks a modest recovery for the local currency, which had faced downward pressure throughout the previous trading week. The appreciation aligns with recent projections from the Central Bank, which has signaled expectations of relative stability in the exchange rate over the coming months.
In its recently released Business Expectation Survey (BES) report, the CBN indicated that the Naira is anticipated to remain broadly stable over the next six months. The report also projected a decline in borrowing rates during the same period, which could further support economic activity and currency stability.
Market analysts will be watching closely to see if this gain can be sustained amid ongoing reforms and foreign exchange market dynamics. The movement reflects continued efforts by monetary authorities to manage volatility and foster a more predictable trading environment for businesses and investors.