Market News

Naira continues to gain against Dollar at forex market - DAILY POST

NOVEMBER 21, 2023

By Ogaga Ariemu

Nigeria’s currency, the Naira, continued its appreciation trend against the US Dollar at the foreign exchange market on Monday.

Official data from FMDQ showed that the country’s currency appreciated N750.15 against the Dollar at the close of work on Monday compared to N791.25 /$1 on Friday.

The figure represents a N40.75 gain compared to the exchange rate at the close of work on Friday.

Meanwhile, the parallel market appreciated N1,130/$1 on Monday from N1140 on Friday.

A Bureau De Change operator in Wuse Zone 4 Abuja, Dayyabu Mistila, confirmed that he sold the Dollar at N1,130 and bought at N1,140 on Friday.

Similarly, DAILY POST reported that the Naira recorded an N31.23 gain on Wednesday despite an October inflation hike in Nigeria.

The development comes as the Central Bank of Nigeria, CBN, Governor, Dr Olayemi Cardoso, plans to present an economic roadmap for Nigeria at the annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria on Friday, 25th November, 2023.


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