The Naira on Monday appreciated by 7.6 per cent against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.
The Nigerian currency gained N26 to exchange at N344 to one dollar, from N370 it closed on Friday.
The naira also traded at N450 and N370 against the Pound Sterling and the Euro respectively; appreciating against both currencies.
Traders at the market attributed the rise in the value of the naira to the fall out of the implementation of the flexible exchange rate policy by the Central Bank of Nigeria (CBN).
They expressed the hope that the seeming availability of the greenback at the onset of the implementation of the market driven policy would be sustained if speculators do not thwart the process.
NAN reports that the apex bank opted for a flexible exchange rate regime in order to save the nation’s foreign reserve from depletion.
NAN
