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Naira Strengthens Against Dollar, Record Gains In Official, Parallel Markets
Yinka Olajoyetan, Lagos
The Naira appreciated significantly against the US Dollar at the foreign exchange as trade resumed on Monday.
FMDQ data showed that the Naira appreciated N1353.21 per Dollar on Monday from N1,400.4 on Friday.
This represents a N46.83 gain against the Dollar compared to N1,400.4 traded on Friday.
Similarly, in the parallel market, Naira gained N20 against the Dollar. It was exchanged at N1400 per dollar compared to N1420 on weekends.
The Naira had continued to record fluctuation in the FX market for months despite the Central Bank of Nigeria’s intervention.
The apex bank, on three occasions from March to date, has distributed dollars to Bureaux De Change operators to defend the Naira in the FX market