Naira Begins Week on Good Note, Appreciates Against Dollar

 

The naira has improved against the dollar at both official and parallel foreign exchange markets.

 

FMDQ data showed that the naira appreciated to N1,476.12 per dollar on Monday, a N9.87 gain compared to the N1485.99 recorded last Friday.

 

Similarly, in the parallel market section, the naira appreciated to N1,475 per dollar compared to N1480 it traded last Sunday.

 

The development comes as the Central Bank of Nigeria ramps up intervention in the forex market. FMDQ securities exchange data showed that the apex bank sold $575 million in May, representing the highest sales in a single month in 2024.

 

In a statement at the weekend, the International Air Transport Association, IATA, said the Nigerian government cleared $850 million foreign exchange backlog.