The Nigerian naira began the new trading week on a positive note, recording a slight appreciation against the United States dollar at the official foreign exchange market.
According to figures released by the Central Bank of Nigeria (CBN), the naira exchanged at N1,368.27 per dollar on Monday, improving from N1,370.19 per dollar recorded on Friday. This represents a gain of N1.92 for the local currency against the greenback.
The improvement suggests a modest recovery for the naira after experiencing pressure in recent trading sessions. Analysts say movements in the exchange rate are often influenced by factors such as foreign exchange supply, demand for dollars, and interventions by monetary authorities.
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However, the naira did not enjoy the same performance in the parallel market, popularly known as the black market.
In that segment of the foreign exchange market, the local currency depreciated by N5, closing at N1,410 per dollar on Monday,
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