The naira’s appreciation against the dollar continued on Monday in the official foreign exchange market.

According to FMDQ data, the naira gained N3.21, moving from N1,574.20 per dollar on Friday to N1570.99 per dollar on Monday.

This represents a modest 3.21% gain against the dollar.

In contrast, the naira remained stable on the black market, maintaining its exchange rate of N1,600 per dollar, consistent with the previous Friday’s rate.

These developments occur amidst the Central Bank of Nigeria’s (CBN) recent implementation of the Dutch Auction System in response to the surge in dollar demand.

On Friday, the CBN sold $815.26 million to 26 banks at a rate of N1,495 per dollar.