New data showed that the naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEX) to N1,585.77/$1.
The exchange rate represents a 0.8% or N12.79 appreciation when compared to the N1,598.56/$1 value it ended the month of August 2024.
It was the same scenario for the naira against the British pound and the euro.
Data from the CBN showed that the Nigerian currency improved its value against the pound sterling at NAFEM on Monday by N5.60 to settle at N2,100.45/£1 versus last Friday’s N2.106.05/£1.
While against the euro, it gained N2.81 to quote N1,769.28/€1 versus N1,772.09/€1.
Other exchange rates are:
Meanwhile, traders told TimesNow.com.ng that the naira also appreciated slightly against the dollar in the black market.
According to the traders, the naira closed at N1,630/$1 compared to the previous rate of N1,635/$1.
The Naira has experienced significant volatility in 2024 despite efforts by the Central Bank of Nigeria (CBN) to strengthen the foreign exchange market.
Over the past two weeks, the apex bank has paused its forex sales, which were previously conducted to stabilise the market.
Earlier, TimesNow.com.ng reported that the CBN asked Nigerians if they were optimistic that the value of the Nigerian currency would improve in the coming months.
The apex bank said increasing domestic crude oil production and exports would enhance naira’s value.
The CBN recently conducted another round of forex sales and reiterated its determination to tackle depreciation of the naira.
Source: TimesNow.com.ng
