Naira Gains Ground Against Dollar in Black Market

The naira began the week on a positive note in the unofficial, parallel foreign exchange market, showing appreciation against the dollar.

According to insights from a Bureau de Change operator in Wuse Zone 4, the naira gained N10 against the dollar, trading at N1590 on Monday, compared to N1600 at which it closed last Friday. This indicates a notable strengthening of the local currency in the black market, where a significant portion of foreign exchange transactions occur.

However, the trend was different in the official foreign exchange market. Here, the Nigerian currency experienced a slight depreciation, falling by N1.16. On Monday, the naira was exchanged at N1,548.52 to the dollar, a marginal drop from N1,547.36 recorded at the close of last week.

Recall that last Friday, the naira had appreciated in the official foreign exchange market, while remaining stable in the parallel black market.