The naira continued its upward trend against the US dollar in both the parallel and official foreign exchange markets on Monday, marking a positive start to the week.
A Bureau de Change (BDC) operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told DAILY POST that the naira exchanged at ₦1,540/$1 on Monday, strengthening from ₦1,565/$1 recorded last Friday.
This reflects a ₦25 gain against the dollar compared to last week’s closing rate.
“We sell dollars at ₦1,540/$1 on Monday, down from between ₦1,565/$1 and ₦1,550/$1 last Friday,” Alhasan told DAILY POST.
Similarly, at the official market, the naira traded at ₦1,508/$1 on Monday, slightly improving from ₦1,508.6/$1 recorded last Friday.
According to reports, the black market also saw sustained naira appreciation, reinforcing a positive outlook.
Aminu Gwadebe, National President of Bureau De Change Operators, attributed the gains to increased interbank dollar supply to BDCs, following the Central Bank of Nigeria’s directive.
