The naira appreciated by 4.1 percent at N394.30 on Monday in the import and export (I&E) window.
Market analysts opined that the surge in demand pressure during trading forced authorities to allow trades to cross higher than N410/$1 and settling at this price by closing last week Thursday.
Figures from the FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria, show that it opened on Monday at N403.93, recorded a high of N412.05 and low at N385.
The I&E window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
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In the parallel market, the exchange rate between the naira and the US dollar remained flat at N470/$.
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