Naira opens week stronger at official market
By Aboki Forex —
The naira appreciated against the dollar at the official foreign exchange market on Monday, resuming the week on a positive note.
Central Bank of Nigeria data showed that the naira strengthened slightly to N1,320.56 per dollar on Monday from N1,321.22 recorded on Friday last week. This means the naira gained N0.66 against the dollar at the official window.
Black market rate steady
At the black market, the naira remained unchanged at N1,400 per dollar on Monday, the same rate recorded at the close of trading last week.
The stable parallel market rate means there was no immediate shift in informal market sentiment at the start of the week.
Foreign reserves rise
The country's foreign reserves surged to $54.13 billion on Friday, according to central bank data.
The latest reserve figure comes after a mixed week for the local currency.
Context from last week
The naira depreciated on Friday to end the week on a negative note after four consecutive days of appreciation. Monday's gain of N0.66 at the official market therefore marks a modest reversal.
The slight appreciation at the official market and the steady black market rate leave the naira holding its ground as trading continues this week.