Naira appreciates to N1,440 at parallel market, N1,408 at official window

Currency traders in Lagos, also known as bureau de change operators, quoted the naira at N1,440 to the greenback at the street market.

At the FMDQ Exchange, a platform that oversees official foreign exchange trading in Nigeria, the local currency rose by 1.64 percent or N23.41 to N1,408.08/$ on Monday — from N1,431.49/$ on March 22. “In summary, that is my observation: the increasing resilience, capacity, and arsenal of the Central Bank of Nigeria to defend our local currency through several measures,” Gwadabe said.“My advice is for them to continue widening and undergo a paradigm shift in sourcing foreign exchange for the economy.”

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