The Nigerian Naira extended its recent gains against the U.S. Dollar in the official market on Monday, closing at ₦1,354.25 per dollar.
This represents an appreciation of ₦11.93, or approximately 0.8%, from Friday’s closing rate of ₦1,366.19 per dollar, according to data released by the Central Bank of Nigeria (CBN).
The sustained strengthening is widely attributed to recent foreign exchange reforms implemented by the CBN, which have contributed to growing stability in the market.
The Naira has been on a gradual recovery path in recent weeks, breaking below the key psychological threshold of ₦1,400 earlier this month. This positive movement follows January's rates, which consistently closed above the ₦1,400 mark.
Meanwhile, the parallel market rate was quoted at approximately ₦1,454 per dollar last week. This reflects a premium of about 6.4% over the official rate—a significant narrowing from the over 60% gap observed prior to the CBN's policy interventions.
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