The naira has continued its resurgence against the United States dollar, appreciating N1,136/$ at the official market and N1,080/$ at the parallel market at the close of trading activities on Monday.
This was as traders predicted the dollar’s fall to below N1,000 before the end of the week.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira.
The total daily turnover dropped slightly to $251.60m on Monday, from $281.34m recorded on Friday.
The intra-day high also improved significantly, closing at N1,227 per dollar from N1,265 per dollar quoted on Friday. The intra-day low appreciated by N100/$1 as the dollar was quoted on the spot at N1,000 on Monday, stronger than the N1,100 quoted on Friday.
The improved rate followed a string of foreign exchange directives by the Central Bank of Nigeria aimed at stabilising the naira. The apex bank last month said it had successfully resolved all valid foreign exchange backlogs, as pledged by the CBN governor, Olayemi Cardoso, addressing inherited claims amounting to $7bn.
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