The Nigerian Naira has made a notable gain against the US Dollar at the official market, trading at N1,607.15 to the dollar, representing a 0.6% appreciation. This positive movement is a welcome development for the Nigerian economy.

According to data from the FMDQ Exchange, the Naira gained N9.93, a 0.61% increase from the previous trading date on August 2, when it exchanged at N1,617.08 to a dollar.

"We are pleased to see the Naira appreciate against the dollar, it's a step in the right direction," said a financial analyst.

At the Investor's and Exporter's (I&E) window, the Naira is now trading between N1,620.50 and N1,570.00 against the dollar, indicating a stable market.

This appreciation can be attributed to various factors, including improved foreign exchange management and increased investor confidence.

"The Nigeria currency gain is a testament to the effectiveness of our foreign exchange policies," said a Central Bank of Nigeria (CBN) official.

The total daily turnover reduced to 77.09 million dollars on Monday, down from 131.55 million dollars recorded on August 2, indicating a slight decrease in market activity.

However, the Naira's appreciation against the dollar is a positive sign for the economy, and market participants are optimistic about future movements.

"We expect the Naira to continue strengthening against the dollar, driven by improved economic fundamentals," said a market analyst.