The naira appreciated to N1,485 per dollar on the black market, gaining N15 from the previous day’s rate.
This improvement follows increased dollar liquidity, supported by foreign exchange policies designed to stabilize the naira’s value.
At the Nigerian Foreign Exchange Market (NFEM), the naira also strengthened, trading at N1,497.11 per dollar on Monday.
This marks an appreciation compared to the previous close of N1,500.73, according to FMDQ Securities Exchange Limited data.
The exchange rate gap has now narrowed to N12 per dollar, reflecting improved confidence in Nigeria’s forex market.
The Central Bank of Nigeria’s (CBN) policies have driven exchange rate convergence between official and parallel markets.
For the first time in two years, both markets achieved convergence, signaling stability and efficiency in forex trading.
CBN Governor Olayemi Cardoso highlighted the bank’s commitment to transparency and sustained liquidity in the forex market.
He emphasized that positive FX market developments align with CBN’s long-term strategy for economic growth and stability.
