The naira strengthened to ₦1,497.11/$ at the official window on Monday, according to data from FMDQ Securities Exchange Limited. Similarly, it appreciated in the parallel market to ₦1,490.00/$, further reducing the disparity between both exchange rates.
The gap between the official and parallel market rates is closing, following various policies implemented by the Central Bank of Nigeria (CBN). The naira had maintained an upward trend in the previous trading session, rising by 0.05% to ₦1,509.53/$ on the FMDQ, while the parallel market rate appreciated by 0.65% to ₦1,535.00/$.
A major factor contributing to the strengthening of the naira is the recent CBN directive extending dollar sales to Bureau De Change operators until May 30, 2025.
