Business
Naira Gains Strongly Against Dollar Ahead of Buhari Memorial Holiday
The Nigerian naira saw a notable surge against the US dollar on Monday, marking a strong start to the week ahead of the Tuesday public holiday in honour of late former President Muhammadu Buhari.
According to data from the Central Bank of Nigeria (CBN), the naira appreciated to N1,518.89 per dollar at the official market, a gain of N11.37 from Friday’s closing rate of N1,530.26. This represents the currency’s largest single-day gain at the official exchange window in over a week.
In contrast, the naira maintained stability in the parallel market, where it closed at N1,550 per dollar, the same level recorded last week.
The strengthening of the naira comes amid anticipation of key economic updates. The National Bureau of Statistics is set to release new inflation data on Tuesday, while the Central Bank has scheduled its Monetary Policy Committee meeting for July 21 and 22 to decide the country’s benchmark interest rate.
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