According to data from FMDQ, the Naira showed a significant rise at the official foreign exchange market at the start of Monday’s workweek. The Naira appreciated, closing at N838.95 per dollar as opposed to N890.54 on Friday. This is a significant gain of N51.79, or 5.79%.
On the other hand, the Naira saw a minor devaluation in the parallel foreign currency market. The quoted exchange rate was N1,265 per US dollar, which represents a 0.40% drop from the closing rate of the previous day.
The Nigerian government just received a $2.25 billion foreign exchange support loan from the African Import-Export Bank, which is why there has been a movement in the official FX market.
Since the Central Bank of Nigeria launched the nation’s currency on June 14 of the previous year, the Naira has been susceptible to market dynamics despite continuous changes. It is noteworthy that in December, Nigeria’s headline inflation rate increased for the twelfth time in a row, to 28.92%.
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