Nigeria's naira continued its appreciation against the dollar in the official foreign exchange market on Monday, according to data from the Central Bank of Nigeria (CBN).

The official exchange rate data showed that the naira strengthened slightly by N1.04, trading at N1,579.40 per dollar on Monday compared to N1,580.44 recorded last Friday.

Meanwhile, in the parallel foreign exchange market, commonly known as the black market, the naira maintained stability at N1,615 per dollar, the same rate it exchanged on Friday.

Commenting on the exchange rate performance, Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, commended the Central Bank's reforms, noting that the naira has maintained stability for the past ten months.

However, Yusuf expressed concerns about Nigeria's current interest rate of 27.50 percent, describing it as too high for the real sector to thrive. He called for a reduction in the interest rate to stimulate economic growth in the country's productive sectors.

The naira's performance comes as part of ongoing efforts by the CBN to stabilize the foreign exchange market through various monetary policy interventions and reforms implemented over recent months.

Economic analysts continue to monitor the currency's performance closely as Nigeria navigates challenging economic conditions amid efforts to boost foreign exchange liquidity and strengthen the national currency.