Official Market Sees Naira Appreciation, Parallel Rate Unchanged

The Nigerian naira continued its upward trajectory against the US dollar in the official foreign exchange market on Monday. According to data from the Central Bank of Nigeria (CBN), the naira closed at N1,579.40 per dollar, gaining N1.04 from Friday’s rate of N1,580.44.

However, the currency held steady in the parallel market, maintaining a rate of N1,615 per dollar—the same as last Friday’s figure.

Commenting on the exchange rate trend, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, noted that the naira has shown commendable stability over the past ten months. He credited the CBN’s ongoing reforms for the currency’s performance. Yusuf also urged the CBN to consider reducing the current interest rate of 27.50 percent, arguing that the high rate poses challenges for growth in the real sector.