Naira pauses rally, opens at N1,020 per dollar

The foreign exchange (FX) market opened on Monday with the naira/dollar exchange rate quoting at N1,020/$ as rally pauses on the parallel marketfollowing uncertainty around the government’s FX policies.

At the weekend, the naira strengthened to 950 per dollar on the black market, following some positive sentiments around government plans to shore up dollar liquidity in the foreign exchange market.

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However, The NAFEX which opened at N800, appreciated to N809/USD, while the BDC rate which opened at N1,020/USD  appreciated to N1,005/USD.