Nigerian Naira Strengthens Below N1,350/$ for First Time Since May 2024

The Nigerian Naira has traded below N1,350/$ for the first time since May 2024, showing an improvement to N1,354.9 per dollar on Monday in the official foreign exchange market. This development highlights sustained gains in the official market, with expectations of rising external reserves ahead of the Central Bank of Nigeria's upcoming monetary policy committee meeting.

While the official market rate has strengthened, the parallel market rate remains weaker, indicating mild persistent pressure in the unofficial segment of the foreign exchange market. The recent appreciation of the Naira is attributed to stronger foreign exchange inflows and improved market confidence, as noted by market analysts and Abuja-based economists.

The current stance reflects a tight monetary policy aimed at curbing inflation and stabilizing the Naira.