The Nigerian naira recorded fresh gains against the US dollar at the official market on Monday, closing at ₦1,354.25 per dollar.
This marks an appreciation of ₦11.93, representing about a 0.8 per cent increase from Friday’s closing rate of ₦1,366.19 per dollar, according to figures released by the Central Bank of Nigeria (CBN).
The renewed strength of the naira highlights improving stability in the foreign exchange market, a development widely linked to recent policy reforms introduced by the CBN.
In recent weeks, the local currency has maintained a steady upward trend, slipping below the key psychological threshold of ₦1,400 per dollar earlier this month and sustaining its recovery.
As of February 2, the naira traded at roughly ₦1,384.50 per dollar, reflecting a consistent improvement from January levels, which remained above the ₦1,400 mark.
Meanwhile, the naira exchanged at about ₦1,454 per dollar in the parallel market last week, indicating a premium of roughly 6.4 per cent over the official rate. This gap has narrowed sharply from previous highs of more than 60 per cent prior to the implementation of the recent reforms.
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