The Nigerian naira continued its stability on Monday, fueled by reduced demand for the dollar and effective policies implemented by the Central Bank of Nigeria (CBN).
At the close of trading on Monday, the naira appreciated by 1.3 percent, with the dollar quoted at an average rate of N1,599.33.
This marked a significant gain of N20.67 over the N1,620 rate recorded on Friday at the parallel market, commonly referred to as the black market.
Rates varied across different areas, with some trading at N1,610, while others saw rates of N1,605 and N1,583.
On the official FX market, the naira reached its highest level in eight months, rising to N1,474.78/$ as of Friday.
The increased value of the naira is attributed to a series of fiscal and monetary policies enacted by the government, including increased local petrol refining capacity, greater dollar inflows, and effective policy measures by the CBN over the past 17 months.
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