Nigeria’s naira appreciated against the US dollar in both the official and parallel markets on Monday, buoyed by a continued decline in the nation’s inflation rate.
According to data from the Central Bank of Nigeria (CBN), the naira rose to ₦1,544.63 per dollar on Monday, up from ₦1,549.35 recorded last Friday—reflecting a gain of ₦4.72.
In the parallel market, the naira also showed improvement, trading between ₦1,595 and ₦1,600 per dollar, compared to around ₦1,606 the previous week.
The currency’s recovery coincides with a drop in Nigeria’s headline inflation, which declined for the second consecutive month in May to 22.97 percent.
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