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Nigeria’s naira continued its upward trajectory in the official foreign exchange market on Monday, marking a modest gain against the U.S. dollar.
According to data published by the Central Bank of Nigeria (CBN), the naira appreciated to ₦1,579.40 per dollar, improving slightly from ₦1,580.44 recorded last Friday. This reflects a day-on-day gain of ₦1.04, signalling continued progress in efforts to stabilise the currency.
In contrast, the parallel market saw no movement, with the naira trading at ₦1,615 per dollar, the same rate maintained since Friday, highlighting a persistent divergence between official and street market rates.
Commenting on the latest figures, Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), commended the Central Bank’s ongoing reforms, noting that the naira has shown relative stability over the last ten months.
“There’s been consistent stability in the exchange rate, which is a positive reflection of the monetary policy measures taken by the CBN,” Yusuf said.
However, he cautioned that the Monetary Policy Rate (MPR), currently at 27.50%, remains a major hurdle for economic growth. He urged the central bank to consider easing the rate to support the productive sector, warning that the current rate is “too high for the real sector to thrive.”
