Naira continues to rise against the dollar in the foreign exchange market

Nigeria’s currency Naira continued its upward trend against the US dollar in the foreign exchange market on Monday.

As of Monday’s close, the country’s currency had appreciated by 750.15 naira against the dollar, compared to Friday’s 791.25 naira to the dollar, according to official FMDQ data.

This figure represents an increase of N40.75 compared to the exchange rate at Friday’s close.

Meanwhile, in the parallel market, the dollar was 1,130 Nera on Monday, up from 1,140 Nera on Friday.

Mr Dayab Mistira, a currency exchange operator at Use Zone 4 in Abuja, admitted on Friday that he sold one dollar for NOK 1,130 and bought it for NOK 1,140.

Similarly, DAILY POST reported that despite the rise in inflation in Nigeria in October, the naira recorded an appreciation of 31.23 Naira on Wednesday.

This development comes as the Governor of the Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, is scheduled to unveil Nigeria’s Economic Roadmap at the Annual Bankers Dinner of the Chartered Bankers Association of Nigeria on Friday, November 25, 2023. I was disappointed.


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