In a robust display, Nigeria’s currency, the Naira, surged ahead against the US Dollar at the foreign exchange market on Monday, maintaining its upward trajectory.
Official data from FMDQ revealed a noteworthy appreciation as the Naira strengthened to N750.15 against the Dollar at the close of Monday’s trading, marking an impressive gain of N40.75 compared to Friday’s exchange rate of N791.25/$1.
Simultaneously, the parallel market experienced a surge, with rates climbing to N1,130/$1 on Monday from the previous N1,140 on Friday.
Dayyabu Mistila, a Bureau De Change operator in Wuse Zone 4 Abuja, verified the uptick, confirming sales at N1,130 and purchases at N1,140 on Friday.
This surge follows a remarkable N31.23 gain recorded on Wednesday, defying October’s inflation hike in Nigeria, as reported by DAILY POST.
As the Naira continues its winning streak, all eyes turn to the upcoming economic roadmap presentation by the Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, at the annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria on Friday, 25th November, 2023.