At the official foreign exchange market, the Naira saw a notable increase at the start of the working week on Monday.
The Naira dropped from N890.54 per dollar on Friday to N838.95 per dollar on Monday, according to data from FMDQ.
In local currency terms, this is a gain of N51.79, or 5.79 percent, over the N890.54 it ended at on Friday.
On the other hand, the Naira somewhat declined in value on the parallel FX market.
The stated exchange rate was N1,265 to the US dollar, which is 0.40 percent less than the close of the previous day.
The Nigerian government obtained a $2.25 billion foreign exchange boost loan from the African Import-Export Bank more than a week ago, which coincides with the devaluation at the official FX market.
The Naira had been fluctuating on the foreign market in the meantime. On June 14 of last year, the Central Bank of Nigeria devalued the naira.
According to the Platinum Times, Nigeria’s headline inflation rate increased to 28.92 percent in December, marking the twelfth straight month of increases.