Naira appreciates massively against dollar to begin week

The Naira strengthened significantly against the dollar at the foreign exchange market on Monday to resume on a good note.

FMDQ data showed that the Naira appreciated to N1552.92 per dollar on Monday from N1641.27 exchange last Friday.

This represents a significant N88.35 appreciation against the dollar on Monday compared to the N1641.27 exchange rate three days ago.

The last time it gained significantly was on Sept 26 last month, when it edged the dollar by N91.32.

Meanwhile, at the black market, the Naira maintained an N1700 per dollar rate the same as last Friday.

For months now, the Naira has continued to experience fluctuations in the FX market despite interventions by the Central Bank of Nigeria.

In October 2024, CBN introduced the Electronic Foreign Exchange Matching System, EFEMS, for foreign exchange transactions in the Nigerian Foreign Exchange Market, NFEM.