Our Reporter
Nigeria local currency, the naira has continued to tare in weeks-long appreciation against the US dollar in the foreign exchange market in the face of the Central Bank of Nigeria’s new moves to defend it.
According to the FMQD data, the exchange pulled N1, 230.61 per US dollar on Monday from N1, 251.05, representing a N20.89 gain from the figure recorded last Friday.
Also recall that, the naira traded at N1, 220 per dollar on Monday at the parallel market. The development follows another tranche distribution of $10,000 to each BDC at N1,101 per dollar.
So far, in the last four weeks, the naira has maintained consistent gains against the dollar in the foreign exchange market.
About The Author
