NAIRA STARTS THE WEEK ON A POSITIVE NOTE

Nigeria’s foreign exchange (FX) market started the week positively on Monday, with the naira strengthening to N1,572.86 per dollar from N1,602.75/$1 on Friday in the official market.

On the parallel market, the national currency closed at N1,590 per dollar on Monday, showing improvement from the N1,605/$1 recorded on Friday.

Several analysts anticipate further stability in the naira’s value this week, attributing it to recent policy interventions by the Central Bank of Nigeria.

Last week, the FX market closed on a positive note as the naira gained ground against the dollar in both official and parallel markets.

The dollar supply in the FX market decreased by 20.99 percent to $848.14 million, down from $1,073.50 million in the previous trading week.

Pressure on the naira’s exchange rate eased last week, supported by continuous growth in the country’s external reserves over the past month.

Source: Techeconomy