Naira gains against dollar at official market

The News Agency of Nigeria reports that, according to data released on the website of the Central Bank of Nigeria, the Naira gained N7.93.

The Naira opened the trading week on Monday on a stronger note, appreciating against the dollar at the official market to trade at N1,456.56.

The News Agency of Nigeria reports that, according to data released on the website of the Central Bank of Nigeria, the Naira gained N7.93.

This represents a 0.5 per cent gain compared to Friday, 19 Dec, when the local currency traded at N1,464.49 per dollar.

The gain represents an improvement for Naira, which experienced depreciation in the previous week.

A Business Expectation Survey (BES) report published by the Central Bank of Nigeria recently showed that the naira is expected to remain largely stable in the next six months.

Similarly, the report stated that borrowing rates are projected to decline during the same period.

(NAN)