In the official foreign exchange market, the naira appreciated to N1,347 per dollar on Monday, reflecting the absence of significant pressures from international payments.

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The euro hovered around $1.1850 on Monday, staying close to a four-year peak above $1.20 reached in late January, supported by signals that the European Central Bank (ECB) is largely comfortable with the currency’s recent strength.

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The naira declined against the US dollar as significant demand for foreign payments slowed the local currency momentum at the Nigerian foreign exchange market (NFEM). 

The Nigerian naira exchange rate per dollar climbed to N1,348 at the official market amidst rising external reserves, and inflows from offshore investors with interest in elevated yields in the fixed income market.,