The naira strengthened further against the United States dollar at the official foreign exchange market on Monday, continuing its recent upward movement.
Data released by the Central Bank of Nigeria showed that the local currency traded at N1,357.77 to the dollar, improving from N1,366.23 recorded at the close of trading on Friday.
The latest figures indicate that the naira gained N8.46 against the greenback when compared with the previous trading session.
Despite the improvement at the official market, the currency recorded a slight decline at the parallel market.
Checks showed that the naira exchanged for about N1,430 per dollar at the black market on Monday, weaker than the N1,425 per dollar rate recorded at the end of last week, reflecting a N5 drop.
The development signals mixed trends across Nigeria’s foreign exchange markets at the start of the week.
Meanwhile, new data from the National Bureau of Statistics revealed that the country’s headline inflation rate moderated slightly to 15.06 per cent in February.
In addition, recent figures from the Central Bank of Nigeria indicated that Nigeria’s external reserves rose to $50.027bn last week.
