Naira appreciates against dollar at foreign market
On Monday, the official foreign market saw the naira continue its upward trend vs the dollar.
The naira increased by N3.21 to N1570.99 per dollar on Monday, according to FMDQ statistics, from N1,574.20 on Friday. In relation to the dollar, this is a minor 3.21 increase from N1,574.20 on Friday.
The naira held steady at N1,600 per dollar on the black market, where it was trading at the same rate as last Friday.
This coincides with the CBN's recent launch of the Dutch Auction System in response to the surge in dollar demand.
The apex bank sold $815.26 million to 26 banks at a rate of N1,495 per dollar, according to a statement on Friday.
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