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.