Naira Rises Against Dollar in Black, Official FX Markets

The Naira gained ground against the Dollar at both foreign exchange markets to kick off the week.

According to FMDQ data, the Naira strengthened to ₦1580.46 per Dollar on Monday, up from ₦1593.32 last Friday. This marks a ₦12.86 appreciation from the previous week’s closing rate of ₦1593.32.

The Nigerian currency also saw improvement in the black market, dropping by ₦15 to ₦1655 per Dollar from ₦1670.

This comes as foreign exchange turnover fell to $197.37 million on Monday, down from $245 million the previous week.

It’s worth noting that last week, the Central Bank of Nigeria (CBN) sold $20,000 to eligible Bureau De Change operators at an exchange rate of ₦1580.