On Monday, the Naira further appreciated to N1,582.94/$ per dollar at the official section of the foreign exchange (FX) market.

This is according to data from FMDQ Exchange — a platform that oversees official FX trading in Nigeria.

The local currency appreciated by 4.96 percent, from N1,665.5/$ on February 23, to close at N1,582.94/$.

At the parallel section of the market, the Naira appreciated further to N1,650 per dollar.

The currency appreciated by 6.78 percent, representing N120 drop compared to the N1,770/$ traded on February 23, 2024.

Bureau De Change operators (BDCs) in Lagos put the buying price of the dollar at N1,650 and the selling price at N1,600 — resulting in a profit margin of N50.

At the present exchange rate, the difference between both foreign exchange markets stands at N67.06, a decrease from the previous figure of N104.5.

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