The naira on Monday extended its rebound in the official foreign exchange market, despite a 15.2% decline in weekly foreign exchange inflows.
Data from the Central Bank of Nigeria (CBN) showed that the naira appreciated by 0.2%, with the dollar quoted at N1,451.81 on Monday, compared with N1,454.41 at the close of trading on Friday.
The gain followed a modest recovery recorded at the end of last week, when the local currency strengthened to N1,454.41 after eight consecutive days of depreciation triggered by mild demand pressure in the market.