Naira posts big gain versus Dollar

Naira continued its appreciation rally against the United States dollar at the official foreign exchange market on Monday.

The Central Bank of Nigeria’s data showed that the naira further strengthened to N1,357.77 per dollar on Monday, up from N1,366.23 on Friday last week.

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This means that local currency gained N8.46 significantly against the dollar on Monday when compared to Friday.

Meanwhile, at the black market, the Naira weakened by N5 to N1430 per dollar on Monday, down from N1425 per dollar upon close of trading last week.

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It was reported that the Naira kicked off the week in mixed sentiments across foreign exchange markets.

This comes as the National Bureau of Statistics reports that the country’s headline inflation dropped slightly in February to 15.06 percent.
Last week, the apex bank data showed that foreign reserves rose to $50.027 billion.