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.