The naira appreciated across the foreign exchange (FX) markets on Monday as Nigeria’s external reserves rose to an eight-year high of $46.01 billion, supported by improved liquidity conditions.
Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened marginally at the Nigerian Foreign Exchange Market (NFEM), with the dollar quoted at N1,418.95, representing a gain of N2.68 from N1,421.63 recorded on Friday.
In the parallel market, commonly referred to as the black market, the naira also appreciated slightly, closing at N1,485 to the dollar, gaining N2 from the N1,487 quoted last week, according to street traders.