The naira climbed to its strongest level in four months on Monday, closing at N1,518.88 to the dollar at the official market. The gain was driven by improved liquidity and a reduction in dollar demand across key foreign exchange windows.
This marks the naira’s best performance since 14 March, when it settled at N1,517.93. Data from the Central Bank of Nigeria show the currency appreciated by 0.74 percent from Friday’s rate of N1,530.26.
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In the parallel market, the naira held steady at N1,545, suggesting calm despite reduced FX inflows, which dropped to $749.8 million from $1.76 billion the week before.
Foreign portfolio investors remained the dominant source of inflows, followed by non-bank corporates and exporters. Meanwhile, external reserves rose by $173.88 million to $37.36 billion, offering further signs of stability.
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