Nigeria's currency bounced back strongly on Monday at the official forex market. Central Bank data showed the naira climbed to N1,365.25 per dollar.
It was a sharp recovery from Thursday's N1,374.94 rate. That means the naira gained N9.69 in just three trading days.
Street traders painted a different picture on the parallel market. The black market rate held steady at N1,395 per dollar.
Behind the recovery sits a healthier foreign reserves position. The country's reserves hit $48.36 billion as of April 30.
Analysts saw the week ending on an encouraging note for the local unit. Sustained inflows would be key to maintaining the momentum.
