On Monday, naira appreciated ₦1,518.88 per dollar at the official foreign exchange market, marking its strongest performance in four months.
Gatekeepers News reports that the new rate represents a 0.75 percent gain from the ₦1,530.26 recorded on July 11, and is the highest value the currency has reached since March 14, when it traded at ₦1,517.93 to the dollar.
In recent weeks, naira has shown signs of relative stability, especially throughout July. Between July 1 and July 3, the currency steadily appreciated from ₦1,529.58 to ₦1,525.82.
However, this upward trend was interrupted on July 4, when it weakened slightly to ₦1,528.56. A marginal recovery followed, with the rate improving to ₦1,528.33 on July 7, before dipping again on July 8 to ₦1,529.22.
Naira later strengthened to ₦1,520.75 on July 9 but fell back to ₦1,525 on July 10 and ₦1,530.26 on July 11.
At the parallel market, naira held steady at ₦1,550 per dollar between July 11 and July 14. Earlier in the month, it fluctuated slightly, trading at ₦1,570 on July 1 and 2, then appreciating to ₦1,565, ₦1,560, and ₦1,550 on July 3, 4, and 7 respectively.
On July 8, the naira weakened to ₦1,560 but regained strength over the following days, reaching ₦1,550 on July 9 and ₦1,545 on July 10.
This recent appreciation comes shortly after commercial banks in Nigeria resumed international transactions on naira cards.
