The Nigerian naira on Monday appreciated against the United States dollar, trading below the N1,500/$ threshold for the first time in over six months. Data from the Central Bank of Nigeria showed that the domestic currency closed at N1,497.46/$, compared to its previous close of N1,501.49/$, marking a 0.27 per cent gain.
The last time the naira traded below the N1,500/$ level in the official market was between February 24 and March 4, 2025. The recovery comes after a week in which the naira repeatedly tested the N1,500/$ mark, posting its lowest intra-day rates just above that threshold.
The positive momentum was also mirrored in the parallel market, where the naira strengthened by 0.33 per cent to settle at N1,535/$, according to data from CardinalStone Research.
Market reports indicated that the naira gained 0.98 per cent week-on-week to close at N1,501.50/$ in the official window, while the parallel market firmed by 0.33 per cent to N1,535/$.
According to the Coronation Weekly Update, the official exchange rate ended the week at a ₦35.50 or 2.23 per cent premium to the parallel market rate, suggesting a narrowing gap between both markets.