The Naira saw a significant appreciation against the Dollar when trading resumed at the official market on Monday.
According to FMDQ data, the Naira strengthened to N1500.32 per Dollar on Monday from N1596.92 on the previous Friday.
The Naira’s appreciation marks a substantial gain of N96.6 against the Dollar compared to the N1596.92 per Dollar recorded on Friday.
Meanwhile, the parallel market witnessed a decline in the exchange rate, with the Nigerian currency trading at N1570 per Dollar on Monday, down from N1550 on Friday.
The drop indicates that the Nigerian currency lost N20 against the Dollar compared to the N1550 it traded on Friday.
It’s worth noting that last week, the Central Bank of Nigeria(CBN) sold $20,000 each to eligible Bureau De Change operators at N1450 per Dollar.
Additionally, the apex bank disclosed that it sold $106.5 million in foreign currency to authorised dealers within 48 hours.
