Business
Naira Records Strongest Gain Against Dollar Since April
The naira saw its strongest appreciation against the US dollar in recent weeks, closing at N1,600.44 at the official foreign exchange market on Monday. This marks its highest level since April 30, 2025, when it traded at N1,596.68.
According to data from the Central Bank of Nigeria, Monday’s rate reflects a gain of N5.71 compared to the N1,606.15 rate recorded last Friday. This development comes amid ongoing volatility in the foreign exchange market, where the naira has experienced more declines than gains in recent days.
In contrast, the naira held steady at the parallel market, maintaining a rate of N1,630 per dollar — unchanged from Friday’s close.
Despite various interventions by the Central Bank to stabilize the currency, fluctuations persist across both the official and unofficial markets.
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