The Naira extended its gains against the dollar in both the parallel and official foreign exchange markets on Monday, continuing its upward trend.
According to Bureau de Change operator Abubakar Alhasan in Wuse Zone 4, Abuja, the Naira was exchanged at N1,540 per dollar on Monday, strengthening from N1,565 recorded last Friday.
This reflects a N25 appreciation against the dollar at the parallel market within a single trading session.
“We sold dollars at N1,540 per dollar on Monday, down from N1,565 to N1,550 per dollar last Friday,” Alhasan confirmed.
At the official market, the Naira closed at N1,508 per dollar on Monday, slightly improving from N1,508.6 recorded the previous trading day.
The black market also saw continued gains for the Naira.
Aminu Gwadebe, National President of Bureau De Change Operators, attributed the currency’s strengthening to increased interbank foreign exchange inflows to Bureau de Change operators, following directives from the Central Bank of Nigeria (CBN).
