The naira continued its upward movement against the United States dollar at the official foreign exchange market on Monday.
Latest figures released by the Central Bank of Nigeria showed that the local currency closed at N1,357.77 per dollar, stronger than the N1,366.23 recorded at the end of trading on Friday.
This indicates that the naira gained N8.46 against the greenback compared with the previous trading session.
However, the trend differed in the parallel market, where the local currency experienced a slight depreciation.
Market checks revealed that the naira traded at about N1,430 per dollar at the black market on Monday, weaker than the N1,425 per dollar recorded at the close of trading last week, representing a N5 loss.
The development reflects mixed performance across the country’s foreign exchange markets as trading activities resumed for the week.
Meanwhile, data released by the National Bureau of Statistics showed that Nigeria’s headline inflation rate eased marginally to 15.06 per cent in February.
Similarly, figures from the Central Bank of Nigeria indicated that the nation’s foreign reserves climbed to $50.027bn last week.
