According to FMDQ data, the Naira resumed on a good note on Monday, gaining significantly against the Dollar in the foreign exchange market.
The Nigerian currency appreciated to N1552.92 per Dollar on Monday from N1641.27 exchanged last Friday, representing an N88.35 appreciation against the Dollar on Monday compared to the N1641.27 exchange rate on Friday.
The last time the Naira gained this much against the Dollar was on September 26, when it gained N91.32.
The Nigerian currency remained steady at the parallel market and exchanged at N1700 per Dollar, the same rate as last Friday.
In the FX market, the Naira has been fluctuating for several months despite the Central Bank of Nigeria’s interventions.
The Central Bank of Nigeria(CBN) introduced the Electronic Foreign Exchange Matching System (EFEMS) in October 2024 for foreign exchange transactions in the Nigerian Foreign Exchange Market (NFEM).