Business
Naira Strengthens Against Dollar at Official Market, Weakens in Parallel Market
The naira extended its gains against the US dollar at Nigeria’s official foreign exchange market on Monday. According to the Central Bank of Nigeria, the local currency rose to N1,357.77 per dollar, up from N1,366.23 on Friday, marking a gain of N8.46.
In contrast, the naira declined in the parallel market, falling N5 to N1,430 per dollar from N1,425 at the close of last week.
Analysts note that the currency’s mixed performance coincides with a modest drop in headline inflation, which the National Bureau of Statistics reported at 15.06 percent in February. Foreign reserves also remain robust, with the apex bank confirming a rise to $50.027 billion last week.
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