The Nigerian naira recorded its highest appreciation against the US dollar at the official foreign exchange market on Monday, according to data from the Central Bank of Nigeria (CBN).

The local currency strengthened to ₦1,600.44 per dollar on Monday from ₦1,606.15 traded on Friday last week, representing a gain of ₦5.71. This marks the highest appreciation since April 30, 2025, when the naira gained ₦3.02 against the dollar to close at ₦1,596.68.

Meanwhile, at the parallel market (commonly known as the black market), the naira remained unchanged at ₦1,630 per dollar on Monday, maintaining the same rate recorded at the close of business on Friday.

The latest appreciation comes amid a period of volatility for the Nigerian currency, which has experienced more depreciation than gains in recent days despite various monetary interventions by the apex bank.

Financial analysts have noted that the naira's performance continues to fluctuate despite the CBN's efforts to stabilize the foreign exchange market through various policy measures and interventions.

The exchange rate remains a critical indicator for Nigeria's import-dependent economy, affecting everything from inflation rates to the cost of goods and services for ordinary Nigerians.

Market observers will be watching closely to see if this positive trend continues in the coming days or if the naira will resume its fluctuating pattern against major international currencies.