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The Naira has shown signs of recovery against the Dollar in both the official and black markets as the week begins. According to data from FMDQ, the Naira appreciated to ₦1580.46 per Dollar on Monday, a notable increase from ₦1593.32 recorded the previous Friday, reflecting a ₦12.86 gain.
In the black market, the Naira also improved, decreasing by ₦15 to ₦1655 per Dollar from ₦1670. However, foreign exchange turnover has decreased, falling to $197.37 million on Monday compared to $245 million the week prior.
Additionally, the Central Bank of Nigeria (CBN) recently intervened in the market by selling $20,000 to eligible Bureau De Change operators at an exchange rate of ₦1580, which may have contributed to the Naira’s strengthening.
