Business
Naira Appreciates Massively Against Dollar
The Naira appreciated massively against the dollar upon resumption of trading at the official market on Monday.
FMDQ data showed that the Naira appreciated to N1500.32 to the dollar on Monday from N1596.92 recorded last week Friday.
This represents a whooping N96.6 gain against the dollar compared to the N1596.92 per dollar exchanged on Friday.
Meanwhile, at the black market, the exchange rate dropped to N1570 per dollar on Monday from N1550 last Friday.
This showed that the Nigerian Naira shredded N20 against the dollar compared to the N1550 it exchanged on Friday.
Recall that last week, the Central Bank Of Nigeria sold $20,000 each to legible Bureau De Change operators at an N1450 per dollar rate.
This comes as the apex bank revealed that it sold a total of $106.5 million in Foreign currency in 48 hours to authorized dealers.
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