This contrasts with the currency’s performance in the first week of May when it traded between ₦1,607/$1 and ₦1,612/$1 in the official market.

According to the CBN, the naira recorded a 1.28 per cent gain throughout May.

As of the time of this report, trading in the official market was still ongoing, and Monday’s closing rate had yet to be published.

The naira also appreciated to ₦1,610 per US dollar in the parallel market on Monday, after a turbulent performance in May, during which the currency declined by 1.24% in the parallel (black) market from the beginning of the month, checks by Channels Television have revealed.

The increase marks a notable gain from Friday’s closing rate of ₦1,630/$1.

Between May 21 and 29, the naira traded within a relatively narrow range of ₦1,618/$1 to ₦1,625/$1, reflecting some level of stability despite the overall depreciation.

At the beginning of May, the naira had traded at around ₦1,610/$1 before starting its downward trend.

The gains follow last week’s upgrading of Nigeria’s sovereign rating from Caa1 to B3 by the global credit ratings agency, Moody’s.