Naira appreciation continues amid fresh CBN intervention with BDCs

The naira continued its weeks-long appreciation against the dollar in the foreign exchange market amid the Central Bank of Nigeria’s fresh effort to defend the currency.

FMQD data showed the exchange as N1, 230.61 per US dollar on Monday from N1, 251.05.

This represents a N20.89 gain from the figure recorded last Friday.

Similarly, the naira traded at N1, 220 per dollar on Monday at the parallel market.

The development follows another tranche distribution of $10,000 to each BDC at N1,101 per dollar.

For over four weeks now, the naira has recorded sustained gains against the dollar in the foreign exchange market.