Naira Appreciates Against Dollar Across FX Market Segments

The Naira continued its appreciation against the dollar at both the parallel and official foreign exchange markets on Monday to begin the week.

A Bureau de Change operator in Ikeja, Lagos said that the Naira was exchanged for N1540 per dollar on Monday compared to N1,565 traded Friday last week.

This means that the Naira gained N20 against the dollar on Monday, compared to N1,565 traded last Friday.

Also, at the official market, the Naira strengthened to N1,508 per dollar on Monday compared to the N1,508.6 exchange rate last Friday.

In the black market segment, the Naira also maintained appreciation.

Aminu Gwadebe, the National President of Bureau De Change Operators, in a statement at the weekend, attributed the gains to the pick-up of the interbank proceeds to Bureaux de Change as directed by the Central Bank of Nigeria.

The naira has held in a narrow range between 1,470 and 1,550 per dollar since early December, as dollar inflows into Nigeria surged to $2.5 billion monthly from foreign portfolio investments.

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