The Naira strengthened further against the dollar in the foreign exchange market, starting the week on a positive note.
Abubakar Alhassan, a Bureau De Change operator in Abuja, said that the dollar-to-Naira exchange rate closed at N1730 on Monday, the same rate it held on Friday.
This marks a N5 appreciation against the dollar compared to last week Friday’s closing rate of N1735 per dollar.
Recall that the Central Bank of Nigeria (CBN) introduced an FX electronic matching system over the weekend to help restore the Naira’s true value.
CBN Governor Olayemi Cardoso, speaking at the 59th Annual Bankers Dinner organized by the Chartered Institute of Bankers on Friday, said, “To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets.”
In recent months, fluctuations in the FX market have persisted despite interventions by the CBN.
