Nigeria, May 13 -- Nigeria's naira began the week on a strong note, appreciating against the US dollar at the official foreign exchange window.

According to official data from the Central Bank of Nigeria (CBN), the local currency closed Monday at N1,597.70 per dollar, marking a gain from the N1,607 it traded the previous Friday.

This marginal but meaningful appreciation of N9.30, or roughly 0.58 percent, indicates a trend of currency stabilization efforts gaining traction. During the day's trading session, the naira fluctuated within a relatively narrow range. It touched a high of N1,605.05 and a low of N1,595 per dollar, with an average rate of about N1,600.30 at the Nigerian Foreign Exchange Market (NFEM).

The local currency also sho...