ABUJA — The naira on Monday recorded its biggest single-day appreciation against the United States dollar across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to N1,526.09/$1 at the official market, gaining N5.48 from the N1,531.57/$1 it closed at last Friday. Monday’s gain outpaced the N3.9 margin of appreciation recorded the previous week.
The rally was also mirrored in the black market, where the naira appreciated by N10, trading at N1,533/$1 compared to N1,543/$1 on Friday.
A Bureau de Change (BDC) operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told DAILY POST that the development was driven by reduced demand for foreign exchange.
“The appreciation is due to low demand of FX,” Alhasan explained.
The latest surge marks the strongest single-day gain for the local currency in recent weeks, offering a temporary breather in Nigeria’s volatile forex market.
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