The Nigerian naira has continued its upward trend, appreciating further at the official foreign exchange market to trade at ₦1,452.79 per dollar.
According to data from the Central Bank of Nigeria (CBN), the local currency gained ₦5.16 compared to Friday’s closing rate of ₦1,457.95.
This represents a 0.35% appreciation, extending the week-long positive trend recorded in the previous week.
The Association of Bureau De Change Operators of Nigeria (ABCON) commended the month-long appreciation of the naira in both official and parallel markets. ABCON President, Dr. Aminu Gwadabe, attributed the gains to several factors, including Nigeria’s exit from the Financial Action Task Force (FATF) grey list, increased oil revenue, higher foreign reserves, and diaspora remittances.
