Boost in Financial Markets as Local Currency Gains Ground

A recent surge in the value of Nigeria’s monetary unit has been observed, with the currency strengthening against the American currency at the authorized exchange platform.

Figures released by the nation’s apex bank indicate a closing rate of 1,597.7 units per dollar on Monday.

This development represents a positive shift from the preceding week’s rate of 1,607 units per dollar, translating to a 0.58 percent increase.

Throughout the day, the currency’s worth oscillated, peaking at 1,605.05 units and dipping to 1,595 units, with an average rate of 1,600.3 units at the national exchange hub.

In a related development, the currency’s performance against the British currency was less favorable, with an exchange rate of 2,113.36 units per pound.

This outcome underscores the ongoing challenge posed by robust currencies in major foreign exchange transactions.

On the unofficial market, the currency demonstrated resilience, inching up to 1,623 units per dollar on Monday, compared to 1,630 units on Friday.

As a result, the disparity between the official and unofficial market rates narrowed to 25.3 units, marking one of the smallest gaps in recent times.