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Latest Update: Naira Continues to Strengthen Against US Dollar in Foreign Exchange Market

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Amid the meeting of the Central Bank of Nigeria Monetary Policy Committee, the Naira has shown further strength against the US Dollar in the foreign exchange market.

Data collected from FMDQ indicates that the Naira’s value rose significantly to N1,582.94 per USD on Monday, up from N1,665.50 on Friday.

This marks a 3.4% increase or a gain of N72.56 compared to the closing rate of N1,665.50 on the previous trading day.

Furthermore, the exchange rate at the parallel market on Monday was N1,600 per USD, compared to an average of N1,500 on Sunday.

Over the weekend, the Naira saw a notable surge in value at the parallel foreign exchange market, signaling a narrowing gap between the official and unofficial exchange rates.

Notably, the total turnover of USD at the FMDQ market reached $154.16 million on Monday.

These developments coincide with the meeting of the CBN Governor, Olayemi Cardoso, and other MPC members in Abuja.

 

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