Naira Maintains Stability, Exchanges for N1,572.86 per Dollar
The foreign exchange market began on a positive note on Monday as the naira appreciated to N1,572.86 per dollar from N1,602.75/$1 on Friday on the official market.
At the parallel market, the nation’s currency closed at N1,590 per dollar on Monday, stronger than the N1,605/$1 it closed at on Friday.
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Several analysts expect the naira to stabilise further this week, following the introduction of policy measures by the Central Bank of Nigeria.
The FX market ended last week on a positive note as the naira appreciated against the dollar across official and parallel markets.
The dollar supplied by FX market players declined by 20.99 percent to $848.14 million compared to $1,073.50 million recorded in the previous trading week.
The pressure on the naira exchange rate eased last week as the country’s external reserves sustained growth in one month.
