The Naira’s ascent against the US Dollar persists, with the currency experiencing further appreciation in the foreign exchange market amidst the ongoing Central Bank of Nigeria Monetary Policy Committee meeting.
According to data sourced from FMDQ, the Naira surged significantly to N1,582.94 per USD on Monday, marking a notable increase from Friday’s rate of N1,665.50. This translates to a substantial 3.4% appreciation, indicating a positive trend for the Nigerian currency.
Concurrently, at the parallel market, the Naira traded at N1,600 per USD on Monday, representing a notable rise from Sunday’s average of N1,500. Over the weekend, the Naira showcased a significant gain in the parallel foreign exchange market, indicating a narrowing gap between the official and unofficial exchange rates.
The turnover of USD at the FMDQ market stood at $154.16 million on Monday, reflecting continued activity and investor interest in the foreign exchange market.
This development happened as the CBN governor, Olayemi Cardoso, alongside other members of the Monetary Policy Committee convene in Abuja to deliberate on crucial monetary policies and economic strategies.
