Naira Gains Against Dollar at Black Market

The naira strengthened against the dollar at the parallel foreign exchange market (black market) on Wednesday.

According to Abubakar Alhassan, a Bureau of De Change operator at Wuse Zone 4, Abuja, the Nigerian currency gained slightly at N1748 per dollar on Wednesday from N1755 exchanged on Tuesday.

This marks a N7 increase from the N1755 traded on Tuesday at the black market.

Meanwhile, at the official market, the Nigerian currency dipped to N1660.83 against the dollar on Wednesday from N1659.40 exchanged the previous day. This marks a decrease of N1.43 against the dollar on Wednesday.

The turnover for FX transactions fell to $337.03 million on Wednesday, down from the $425.98 million reported the day before.

This decline follows the Central Bank of Nigeria‘s recent intervention, which set the minimum trading amount at $100,000 in its new Electronic Foreign Exchange Matching System (EFEMS).