Naira appreciates against dollar at official market

The Naira on Monday appreciated further at the official foreign exchange market, trading at N1,452.79 to the dollar.

Data from the Central Bank of Nigeria (CBN) showed the Naira gained N5.16 compared with Friday’s rate of N1,457.95.

This represents a 0.35 per cent appreciation, extending the weeklong 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, told the News Agency of Nigeria (NAN) in Lagos that several factors contributed to the gains.

He listed them as Nigeria’s exit from the Financial Action Task Force (FATF) grey list, increased oil revenue, higher foreign reserves and diaspora remittances.