The naira expanded its appreciation against the dollar in the official market, gaining N8.47

Nigeria’s currency, the naira, appreciated further against the US dollar at the official window on Monday.

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,357.76/$1, compared with N1,366.23/$1 on Friday.

This represents a gain of N8.47 for the local currency against the American dollar.

On the black market, the Nigerian currency lost N10 against the American dollar, trading at N1,420/$1, compared with N1,410/$1 the previous day.

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The local currency closed flat against the British Pound, trading at N1,900/£1, the same as the previous day’s N1,900/£1.

The Naira closed flat against the Canadian dollar and traded at N1,000/CA$1, the same as the previous day’s exchange rate of N1,000/CA$1.

The naira lost N5 against the euro, trading at ₦1,640/€1, compared to the previous day’s ₦1,645/€1.

By: Babajide Okeowo