The naira, on Monday, appreciated at the official section of the foreign exchange market, gaining 1.86 per cent to trade at N1,572.86 — from N1,602.75/$ on Friday (March 15).
The currency, however, depreciated to N1,610 against the dollar at the parallel section of the foreign exchange (FX) market.
The parallel market rate signifies a 0.63 per cent decline from the N1,600/$ it traded for on the final trading day of last week.
Bureau de change (BDC) operators said they were buying the dollar at N1,580 and selling at a rate of N1,610/$.
The rise in the value of the naira, especially at the official market, is in tandem with projections of the currency’s strengthening on the back of reforms by the President Bola Tinubu administration.
Recently, Goldman Sachs, projected that the naira will appreciate to N1,200 against the dollar in the next 12 months.
“We thus see reason for the Naira to be undervalued, and we see it appreciating to 1200 within the next 12 months.”
