In the wake of Nigeria’s economic crisis, Naira recorded a third gain against the US dollar at the official foreign exchange market on Monday.
According to the data from FMDQ, the Naira experienced a drastic rise to N856.57 from N869.13 per US dollar when it was quoted at the end of business on Friday.
This marks an increase of 1.45% or N12.56 in the local currency compared to the N869.13 per dollar it closed on Friday.Consequently, this is the third occasion where the Naira has shown strength against the dollar since Thursday.
Conversely, in Monday’s informal market, the Naira decreased by N1,245 per US dollar in comparison to N1,255 per dollar on Friday.
Reports from FMTBLOG indicated that the Federal Government of Nigeria had obtained a foreign exchange support loan of $2.25 billion from the African Import-Export Bank a week prior.