The naira rose to N1,485 on the black market following improved dollar liquidity as foreign exchange policies support the naira.
This represents N15 gain over N1,500 per dollar quoted on the previous day in the parallel market also known as black market.
At the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated as the dollar was quoted at N1,497.11 on Monday as against the previous close of N1,500.73, data from the FMDQ Securities Exchange Limited showed.
With the current rate exchange rate ga p has narrowed to N12 per dollar.
The CBN, through its various foreign exchange (FX) policies has achieved exchange convergence in the market. The official and parallel-market exchange rates for the naira converged for the first time in nearly two years on last week, according to data tracked by BusinessDay.
Olayemi Cardoso explained that following positive developments in the FX market, the CBN’s focus on boosting liquidity and maintaining transparency in forex operations is sacrosanct.
