Naira records third gain against US dollar at forex market in 2024

The Naira recorded third gains against the US dollar at the official foreign exchange market on Monday.

Data from FMDQ showed that the Naira appreciated N856.57 per dollar from N869.13 per US dollar when it was quoted at the end of business on Friday.

This represents an N12.56 or a 1.45 per cent increase in the local currency compared to the N869.13 per dollar it closed on Friday.

Accordingly, this is the third time that the Naira has strengthened against the dollar since Thursday.

However, on Monday's parallel market, the Naira dropped by N1,245 per US dollar compared to NN1,255 per dollar on Friday.

Torizone reported that the Nigerian federal government received a $2.25 billion foreign exchange support loan from the African Import-Export Bank a week ago.