Naira continues to rise against dollar on Monday

The naira continued its appreciation streak against the dollar at the official foreign market on Monday.

FMDQ data showed that the naira gained N3.21 at N1570.99 per dollar on Monday from N1,574.20 exchanged on Friday.

This represents a slight 3.21 gain against the dollar compared to N1,574.20 on Friday.

Meanwhile, on the black market, the naira remained flat at N1,600 per dollar, the same rate it exchanged last Friday.

This comes amid CBN’s recent commencement of the Dutch Auction System amid the dollar demand spike.

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In a statement on Friday, the apex bank sold $815.26 million to 26 banks at N1,495 per dollar.