The Nigerian naira recorded significant appreciation against the United States dollar at the official foreign exchange market on Monday, strengthening to N1,518.89 from N1,530.26 traded at the close of business last Friday.
According to exchange data from the Central Bank of Nigeria, the naira firmed up substantially by N11.37 against the dollar, marking its largest single-day gain at the official market in over a week.
The appreciation comes ahead of Tuesday's public holiday declared by the federal government to honor the late former President Muhammadu Buhari.
Meanwhile, the parallel market remained stable with the naira closing at N1,550 per dollar on Monday, maintaining the same rate recorded last week in the unofficial market.
The positive movement in the official exchange rate coincides with the anticipated release of Nigeria's inflation figures by the National Bureau of Statistics, expected on Tuesday.
Additionally, the Central Bank of Nigeria has scheduled its Monetary Policy Committee meeting for July 21 and 22, 2025, where decisions on Nigeria's interest rate will be made. These policy announcements could further influence the naira's performance in the coming weeks.
The funeral arrangements for former President Buhari continue to take shape, with reports indicating that five presidents are scheduled to attend the ceremony in Daura. The federal government has also established a committee led by high-ranking officials to oversee the burial proceedings.
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