Naira appreciation continues against USD at foreign exchange market

The Naira continued to appreciate against the US Dollar at the foreign market on Monday amid the Central Bank of Nigeria Monetary Policy Committee meeting.

Data from FMDQ showed that the Naira appreciated significantly to N1,582.94 per USD on Monday from N1,665.50 on Friday.

This represents N72.56 or 3.4 per cent appreciation compared to the N1,665.50 recorded at the close of trading on Friday.

Meanwhile, the Naira was exchanged for N1,600 per USD on Monday at the parallel market from an average of N1,500 on Sunday.

DAILY POST recalls that Naira recorded a massive gain at the parallel foreign exchange market at the weekend.

The development showed that the gap between the official and unofficial exchange markets is almost closing.

However, the turnover of USD at the FMDQ market stood at $154.16 million on Monday.

The development comes as CBN governor, Olayemi Cardoso and other members of MPC meet in Abuja.