The Nigerian naira continued its weeks-long trend of strengthening against the US dollar in the foreign exchange market, supported by the Central Bank of Nigeria’s latest efforts to uphold the currency’s value.
According to FMQD data, the exchange rate stood at N1,230.61 per US dollar on Monday, down from N1,251.05, marking a gain of N20.89 compared to the previous Friday.
In a similar vein, the naira was traded at N1,220 per dollar on Monday in the parallel market.
This trend follows the recent distribution of another $10,000 to each Bureau de Change (BDC) at a rate of N1,101 per dollar.
The naira has been experiencing consistent appreciation against the dollar in the foreign exchange market for over four weeks now.
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