The naira appreciated marginally against the dollar at the official market on Monday, closing at ₦1,545.10 per dollar, a gain from ₦1,549.50 recorded last Friday, according to FMDQ data.
Similarly, figures from the Central Bank of Nigeria (CBN) showed a marginal improvement, with the official rate closing at ₦1,533.56 compared to ₦1,533.27 at the close of last week. However, on the black market, the naira depreciated slightly, trading between ₦1,665 and ₦1,680 per dollar on Monday, up from ₦1,665 recorded earlier.
This slight appreciation of the naira comes amid Nigeria’s escalating inflation, which rose to 34.60% in November 2024 from 33.88% in October, according to the National Bureau of Statistics.
The inflation surge, largely driven by rising food prices and economic pressures, continues to strain purchasing power while complicating recovery efforts in the foreign exchange market. Despite these challenges, the naira’s relative stability signals cautious optimism as monetary policies by the Central Bank aim to manage volatility and restore investor confidence.
