The naira continued its appreciation against the dollar in the official foreign exchange market on Monday. According to FMDQ data, the naira gained N3.21, trading at N1,570.99 per dollar on Monday compared to N1,574.20 on Friday.
This reflects a modest gain of N3.21 against the dollar from the previous trading day. Meanwhile, in the black market, the naira remained stable at N1,600 per dollar, unchanged from last Friday.
This development follows the Central Bank of Nigeria’s recent implementation of the Dutch Auction System amid a surge in dollar demand.
In a statement on Friday, the apex bank announced it sold $815.26 million to 26 banks at a rate of N1,495 per dollar.
