Naira Gains Massively Against Dollar Ahead of Christmas Day

The naira experienced a significant appreciation against the dollar in both the parallel and official foreign exchange markets on Monday, just ahead of Christmas.

In the parallel market, Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, reported that the naira closed at ₦1,640 per dollar on Monday, compared to ₦1,775 recorded last Friday. This represents a gain of ₦135 against the dollar.

Similarly, data from the Central Bank of Nigeria indicated a marginal strengthening of the naira in the official market, rising to ₦1,539.55 per dollar on Monday from ₦1,541.68 on Friday.

These developments coincide with the Nigerian government’s declaration of three public holidays beginning on Monday to celebrate Christmas and the New Year festivities.