Naira on Monday strengthened against the dollar by N3.30k as the exchange rate closed at N364/$ compared to N387.30 traded on Thursday last week at the Investors and Exporters (I&E) forex window.

The foreign exchange market opened on Monday with an indicative rate of N385.33k at the Investors and Exporters (I&E) forex window. This indicated that Naira lost 0.09 percent or N0.33k compared with N385 opened on Thursday last week.

Data from FMDQ showed that the foreign exchange daily turnover declined by 66.15 percent to $28.23 million on Monday from $83.41 million recorded on Thursday last week.

At the Bureau De Change (BDCs) segment of the FX market, Naira gained N35 as the dollar traded at N430 on Monday as against N465 traded on Thursday last week.

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The Central Bank of Nigeria (CBN) on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension notwithstanding, some BDCs are still active in the market.

However, the CBN on Wednesday last week resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).

Nigeria’s currency on Monday strengthened against the dollar by N15 at the black market after the partial easing of lockdown by the Federal Government.

 

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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