The Naira continued its rally against the US dollar at the official foreign exchange market on Monday. Data from the Central Bank of Nigeria showed the naira strengthened to N1,357.77 per dollar, up from N1,366.23 on Friday.

This represents a gain of N8.46 against the dollar at the official rate. Meanwhile, the black market showed a slight decline, with the naira falling to N1,430 per dollar from N1,425, reflecting mixed market sentiment.

Experts note that the currency’s strength aligns with a slight drop in inflation to 15.06 percent in February, according to the National Bureau of Statistics. Rising foreign reserves, recently reported at $50.027 billion, also support the naira’s performance.

The naira’s appreciation at the official market provides some relief to importers and businesses, though volatility persists in parallel markets. Analysts advise continued monitoring of both domestic economic indicators and global currency trends.