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The naira kicked off the week with a strong rebound against the US dollar in the official foreign exchange market, recording its sharpest one-day gain in recent days. This comes just ahead of Tuesday’s public holiday to honour the late former Nigerian president, Muhammadu Buhari.
According to figures released by the Central Bank of Nigeria (CBN), the naira appreciated to ₦1,518.89/$1 on Monday—an ₦11.37 gain from the ₦1,530.26 it traded at the close of business on Friday.
It marks the first time in over a week that the currency has posted such a significant rise in a single trading session at the official window.
At the parallel market, however, the naira held steady, closing at ₦1,550/$1, unchanged from its position last week.
The strengthening of the naira at the official rate comes as the country anticipates the release of new inflation data by the National Bureau of Statistics on Tuesday. Market watchers are also eyeing the upcoming Monetary Policy Committee (MPC) meeting scheduled by the CBN for July 21 and 22, where a decision on Nigeria’s interest rate is expected.
This recent movement may signal cautious optimism in the market, driven by expectations of policy direction and upcoming macroeconomic data.
