ENUGU, Nigeria (VOICE OF NAIJA)- At the beginning of the workday on Monday, the Naira recorded a significant gain, at the official foreign exchange market.
According to data from FMDQ, the Naira weakened to N838.95 per dollar on Monday from N890.54 per dollar on Friday.
This shows a N51.79 gain or a 5.79 per cent gain in the local currency compared to the N890.54 it closed on Friday.
The Naira however, depreciated slightly at the parallel forex market.
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The exchange rate quoted at N1,265 per US dollar, representing a 0.40 per cent decrease over what it closed the previous day.
The depreciation at the official forex market comes after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.
Meanwhile, the Naira had continued to fluctuate in the forex market. The Central Bank of Nigeria floated the country’s currency on June 14 last year.