The Naira began the week positively as it appreciated against the US dollar on Friday at the official foreign exchange market.
Official data from FMDQ disclosed that the Naira firmed up to N864.29/1$ from N1099.05/$1 on Friday.
The figure represents a N234.76 gain at the local market compared to the N1,099.05/$1 it closed on Friday.
The development comes despite the dollar supply dropping to $132.46 million on Monday from $137.35 million on Friday.
Meanwhile, Naira depreciated marginally at the parallel market, exchanging at N1185/$1 on Friday compared to 1180/$1.
DAILY POST reports that the Central Bank of Nigeria increased the exchange rate for cargo clearance from N783/$ to N952/$ amid the foreign exchange crisis.
Recall that the Governor of CBN, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary barely two weeks ago, expressed optimism over the stability of Naira.
Despite his assurance, the Naira has continued to experience fluctuations in the FX market since June 14, when CBN floated the country’s currency.
Reacting to the development, Prof Godwin Oyedokun said weak economic fundamentals, low foreign reserves, increased external debts, and a double forex window caused Nigeria’s forex crisis.
Naira appreciates against US dollar at forex market
