The Naira saw an uptick in the official market on Monday, February 5th.
According to data from the FMDQ, the Naira appreciated by 1.09 percent, closing at 1,419.86 per dollar. This marked a positive shift from its previous rate of 1,435.53 per dollar on Friday, February 2nd.
The increase followed reassurances from the Central Bank of Nigeria Governor, Olayemi Cardoso, who affirmed the bank's commitment to addressing currency volatility.
However, in the parallel market, the Naira traded between 1,440 and 1,460 per dollar at the close of Monday's trading session. This contrasted with the rate of N1,450 per dollar recorded on Friday. The discrepancy was attributed to hoarding as individuals purchased currency in bulk.
The fluctuating exchange rates underscore ongoing efforts to stabilize the Naira amidst economic uncertainties.
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