Naira gains ₦4.40 against dollar in official market

The naira appreciated against the dollar in the official market, starting the week on a positive note.

According to FMDQ data, the naira strengthened to ₦1,545.10 per dollar on Monday, improving from ₦1,549.50 recorded last Friday, marking a gain of ₦4.40.

The Central Bank of Nigeria (CBN) reported an exchange rate of ₦1,533.56 per dollar on Monday, slightly higher than the ₦1,533.27 recorded at the close of last week.

However, in the parallel market, the naira weakened, trading between ₦1,665 and ₦1,680 per dollar on Monday, compared to ₦1,665 last Friday.

This development coincides with a rise in Nigeria’s inflation rate, which increased to 34.60% in November 2024, up from 33.88% in October.