The naira began the week on a positive trajectory, appreciating against the dollar in the official market. According to FMDQ data, the currency strengthened to N1545.10 per dollar on Monday, marking a slight recovery from Friday’s exchange rate of N1549.50—a modest gain of N4.6.
Meanwhile, figures from the Central Bank of Nigeria (CBN) reported an exchange rate close at N1533.56 per dollar on Monday, showing a marginal uptick from the previous week’s closing figure of N1533.27.
This progress comes amid contrasting trends in the parallel market. The naira slipped further, trading between N1665 and N1680 per dollar on Monday, compared to N1665 at the end of last week.
On Friday, the naira faced downward pressure against the dollar, coinciding with a rising inflation rate. Nigeria’s inflation surged to 34.60% in November 2024, up from 33.88% recorded in October.
