Naira on Monday gained further by 2.5 per cent as the dollar fell to N1,170 on the parallel market.

During the trading session on Monday, the dollar was quoted at N1,170, which was stronger than the N1,200 quoted on Friday.

Before strengthening to N1,200 per dollar on Friday, the naira had early last week hit a record low of N1,310 per dollar following strong demand on the parallel market, also known as the black market.

Traders attributed the naira appreciation to some government-announced policies, which have put speculators in an uncertain state.

Read also NLC demands urgent stabilisation of Naira

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Nigeria’s government plans to digitalise FX transactions and discourage speculative demands and hoarding of FX in cash.

The foreign exchange (FX) market ended the five trading days of last week with naira closing strong against the dollar across the market segments.

On day-to-day trading, the naira appreciated by 5.68 percent as the dollar was quoted at N789.94 on Friday compared to N837.49 on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.

The FX market recorded significant dollar flows from willing buyers and willing sellers.

Consequently, the daily foreign exchange market turnover, which reflects the volume of transactions in the market, rose significantly by over 100 per cent (129.50%) to $259.84 million on Friday from $113.22 million on Thursday.

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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