Naira rises by 0.5% at official market

The naira began the new trading week on a positive footing, appreciating by 0.5 per cent against the US dollar at the official foreign exchange market on Monday.

Data published by the Central Bank of Nigeria (CBN) showed that the local currency closed at ₦1,456.56 per dollar, gaining ₦7.93 from the ₦1,464.49 recorded on Friday, December 19.

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The appreciation marks a reversal of losses recorded in the previous week and signals improving stability in the official FX window.

The CBN’s latest Business Expectation Survey (BES ) also supports this outlook, projecting that the naira will remain largely stable over the next six months, while borrowing costs are expected to ease within the same period, potentially boosting credit and investment activity.