Nigeria's currency staged a recovery at the official forex market on Monday. The Naira bounced back strongly against the dollar after a weak finish last week.
Central Bank data showed the local unit closing at N1,356.27 per dollar. That's an improvement of N7.56 from Friday's N1,363.83 closing rate.
The appreciation signals growing confidence in the currency. Traders welcomed the positive movement after two consecutive days of losses.
The black market told a different story. Exchange dealers held the Naira steady at N1,395 per dollar, unchanged from the previous week.
Backing the currency's strength, Nigeria's foreign reserves climbed to $50.51 billion as of June 11. The growing reserves cushion should help support the Naira going forward.
Last week had been rough for the local currency. The Naira fell on both Thursday and Friday at the official market before Monday's recovery.
