The naira extended its gains against the United States dollar at the official foreign exchange market on Monday.

According to data from the Central Bank of Nigeria, the currency appreciated to ₦1,357.77 per dollar, improving from ₦1,366.23 recorded at the close of trading on Friday. This reflects a gain of ₦8.46 for the naira over the period.

In contrast, activity at the parallel market showed a slight depreciation, as the naira weakened by ₦5 to ₦1,430 per dollar on Monday, compared to ₦1,425 at the end of last week.

Overall, the naira began the week on a mixed note across the foreign exchange markets.

This development comes amid a marginal decline in Nigeria’s inflation rate, with the National Bureau of Statistics reporting that headline inflation eased to 15.06 percent in February.

Additionally, recent data from the central bank indicated that the country’s foreign reserves increased to $50.027 billion.