Nigeria’s currency continued its recent recovery on Monday, strengthening to N1355 against the dollar at the official market, according to data from the Central Bank of Nigeria.
The latest rate marks an improvement from N1363.5 recorded at the close of last week, extending a steady run of gains that has lifted the naira to its strongest level in about four weeks.
The rebound reflects a shift from earlier volatility that saw the currency weaken significantly at the start of the month.
With the naira moving within a tight band, a sign of growing confidence in the foreign exchange market, trading activity remained reasonably steady throughout the session.
Improved liquidity conditions and a steady return to stability across the market following recent policy actions by monetary authorities, as reported by The News Chronicle.
In recent sessions, the currency has shown steady gains, reversing previous losses that had pushed it beyond N1400 against the dollar.
Analysts attribute the growing trend to more external reserves and steady inflows into the economy.
With estimates that reserves may continue to increase in the next few months if oil revenues remain favourable, the Central Bank has maintained that ongoing reforms are intended to revitalise the market and build investor confidence.
