The Naira appreciated on Monday at the official foreign exchange (FX) market, closing at N1,419.86 to the dollar as against N1,435.53 to the greenback which it closed on Friday, February 02, 2024, the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ showed
This is coming after the CBN governor, Mr. Olayemi Cardoso assured the market on Monday that the right decisions are being taken at the apex bank and that with the ongoing reforms in the foreign exchange market, the difference between the official and parallel market is minimal and serves as a disincentive to arbitrage.
Dealers said the activities in the official market reflected dollar sales by banks in response to the directive by the Central Bank of Nigeria (CBN) on selling their excess dollars to the official FX market.
On the other hand, the currency depreciated on Monday February 05, 2024 at the parallel FX market window, as it shaded N0. 40k to close at N1,450 to the dollar compared with N1,410 to the greenback which it closed on Friday, February 02, 2024.
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