By Ola Kay
The naira appreciated significantly against the United States dollar at the official foreign exchange market, beginning the week on a positive note ahead of Tuesday’s public holiday in honour of the late Nigerian former president, Muhammadu Buhari.
Data from the Central Bank of Nigeria, CNN, indicated that the local currency strengthened to N1,518.89 against the dollar on Monday, up from N1,530.26 traded at the close of business last Friday.
This is an indication that the naira firmed up adequately by N11.37 against the dollar compared to the N1,530.26 rate it stood on Friday.
The implication of this also is that, for the first time since last week, the naira is recording this margin of gain at the official market in a single day.
The naira has also remained stable at the parallel (black) market on Monday, closing at N1,550 per dollar, the same rate as recorded last week.
The appreciation on the official market comes as the Nigerian government, through the National Bureau of Statistics, is expected to release the country’s inflation rate on Tuesday.
Before now, the Central Bank of Nigeria slated its Monetary Policy Committee meeting to decide on Nigeria’s interest rate for July 21 and 22, 2025.
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