In a positive turn of events, the Nigerian Naira continued its upward trajectory against the US Dollar in the foreign exchange market on Monday. This surge coincided with the Central Bank of Nigeria’s Monetary Policy Committee meeting.
According to data from FMDQ, the Naira saw a significant appreciation to N1,582.94 per USD on Monday, a notable increase from N1,665.50 on Friday. This represents a 3.4% or N72.56 appreciation compared to the previous trading day.
At the parallel market, the Naira was traded at N1,600 per USD on Monday, up from the N1,500 average seen on Sunday. The recent gains follow a substantial increase in the Naira’s value at the parallel market over the weekend, indicating a convergence between the official and unofficial exchange rates.
The trading volume of USD at the FMDQ market reached $154.16 million on Monday, reflecting ongoing market activities amidst the currency’s strengthening trend.
The appreciation of the Naira comes at a time when the CBN governor, Olayemi Cardoso, and other MPC members convene in Abuja to discuss monetary policies and economic strategies moving forward. This positive momentum underscores a potential stabilization in the foreign exchange market and fosters optimism within the Nigerian economy.
