The naira continued its upward trajectory against the dollar in the official foreign exchange market on Monday. According to data from the FMDQ Securities Exchange, the naira appreciated by N3.21, reaching a rate of N1,570.99 per dollar, up from the N1,574.20 recorded on Friday.

This gain reflects a modest improvement in the naira’s value against the dollar, marking a 0.20% increase from the previous trading session. The consistent appreciation of the naira highlights a positive shift in its performance on the official market.

In contrast, the naira’s value on the black market remained unchanged, trading steady at N1,600 per dollar, the same rate observed last Friday. This stability in the parallel market suggests a divergence in the currency’s performance between the official and informal trading platforms.

The Central Bank of Nigeria (CBN) has recently implemented the Dutch Auction System to address increasing demand for dollars. In a statement issued on Friday, the CBN disclosed that it had sold $815.26 million to 26 banks at a rate of N1,495 per dollar. This intervention is part of the CBN’s broader strategy to stabilize the naira amidst fluctuating currency demand.

Overall, the naira’s continued appreciation in the official market, coupled with the unchanged rate in the black market, reflects ongoing dynamics in Nigeria’s foreign exchange landscape. The CBN’s recent measures are indicative of efforts to manage currency fluctuations and support the naira’s value.