Naira records major gains across foreign exchange markets to kick off new week

DDM News

The Nigerian naira began the new week with a remarkable appreciation against the United States dollar across various foreign exchange platforms.

According to information obtained by Diaspora Digital Media (DDM), the naira recorded strong gains both in the black market and at the official trading window.

In the parallel market, the naira traded at N1615 to one US dollar on Monday.

This marked a notable improvement from Friday’s rate of N1628 to the dollar.

On a daily basis, the currency appreciated by N13 against the greenback in the black market.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed the latest figures to reporters.

He revealed that they were buying at N1605 per dollar and selling at N1615.

This uptrend is being celebrated by many traders and observers in the forex market.

At the official window, the naira also gained ground, based on data from the Central Bank of Nigeria (CBN).

The CBN reported that the exchange rate closed at N1,581.58 per dollar on Monday.

This was an improvement from Friday’s rate of N1,586.15 per dollar.

The appreciation amounted to a gain of N4.57 in the official window.

This movement signals a strong start for the naira in the week under review.

Analysts believe the rebound is a result of increased foreign portfolio investment inflows.

Additionally, there is anticipation of high liquidity ahead of the Eid el-Kabir celebrations scheduled for June 6 and 9, 2025.

Market participants suggest that many investors are adjusting their positions in response to the upcoming holidays.

This is seen as a positive signal that may sustain further naira strength in the short term.

The surge in demand for local currency during festive periods often impacts exchange rate trends.

Observers are now watching closely to see if this momentum will be sustained in the days ahead.

For many Nigerians, the rebound offers a slight relief amid persistent economic challenges.

The Central Bank has yet to release further guidance on interventions or policy changes.

However, experts say that continued inflows and stable policies will be critical to maintaining naira stability.

In recent months, the CBN has been working to attract foreign investment and reduce currency volatility.

The naira’s movement this week is being interpreted as a possible reflection of confidence in ongoing monetary strategies.

Diaspora Digital Media (DDM) will continue to monitor developments in the currency market and provide timely updates.

The positive turn in the naira’s value is likely to feature in national economic discussions this week.

It remains to be seen how external factors, including global dollar trends, will influence the market outlook going forward.

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