The naira strengthened to N1,497.11/$ at the official window on Monday according to data from FMDQ Securities Exchange Limited.
Similarly, it appreciated at the parallel market to 1,490.00/$, further crushing the disparity between both exchange windows.
The gap between the official foreign exchange and the parallel market rates is closing, following the various policies of the Central Bank of Nigeria.
The naira had maintained the upswing at the previous day’s trading. On the FMDQ, the naira rose by 0.05 per cent to 1,509.53/$, while the parallel market rate appreciated by 0.65 per cent to N1,535.00/$.
The recent directive of the CBN extending dollar sales to Bureau De Change Operators till May 30, 2025 has been fingered as a major contributor to the strengthening of the naira.
