The naira appreciated against the dollar across both parallel and official foreign exchange markets on Monday, starting the week on a positive note.
According to data from the Central Bank of Nigeria (CBN), the naira strengthened to N1,497.11 per dollar on Monday, improving from N1,500.7 recorded last Friday. This represents a N3.11 gain in the official FX market compared to the previous exchange rate on Friday, February 21, 2025.
Similarly, in the black market, the naira appreciated to N1,500 per dollar on Monday, up from N1,505 last Friday, marking a N5 gain.
Over the past week, the naira has recorded more gains than losses, strengthening by N60 in the black market alone.
However, Financial Derivatives CEO Bismark Rewane has cautioned that this improvement does not signal full stability for the naira. He pointed out that the CBN still spent $8 billion to defend the currency in the FX market.
