The naira appreciated against the dollar at the official foreign exchange market on Monday, beginning the week and the new month of August on a positive note.
Data from the Central Bank of Nigeria showed that the naira strengthened to N1,364.83 per dollar on Monday, up from N1,368.22 per dollar recorded on Friday. This means the naira gained N3.39 against the dollar on Monday compared to the close of trading last week.
Meanwhile, at the black market, the naira remained unchanged at N1,425 per dollar on Monday, the same exchange rate recorded on Friday.
The development comes as the country’s foreign reserves stood at $51.92 billion, according to data from the apex bank.
Recall that the naira recorded a week-long depreciation to end last week.
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