The Nigerian Naira has recorded a significant appreciation against the US Dollar in the parallel foreign exchange market on Monday, strengthening by N18.

According to Abubakar Alhasan, a Bureau de Change operator at Wuse Zone 4, the Naira traded at N1,617 per dollar on Monday, a substantial improvement from N1,635 recorded on Friday last week.

The official foreign exchange market also witnessed appreciation, albeit marginal. Data from the Central Bank of Nigeria (CBN) revealed that the Naira gained N0.04 against the dollar, closing at N1,598.68 on Monday compared to N1,598.72 at the close of business on Friday.

This positive movement in the foreign exchange market comes as the CBN Monetary Policy Committee (MPC) prepares to announce its decision on interest rates on Tuesday following its monetary policy meeting.

Financial analysts are closely monitoring the situation, as the MPC's decision could potentially influence further movements in the foreign exchange market in the coming days.

The Naira's appreciation represents a welcome development for businesses and consumers who have been grappling with the effects of currency volatility in recent months.