Naira Makes Gains Against Dollar Despite Ongoing Hunger Protests
In a surprising turn of events, the Nigerian naira has recorded a significant gain against the US dollar in the foreign exchange market, despite the ongoing hunger protests in the country. According to FMDQ data, the currency appreciated to N1607.15 against the dollar on Monday, representing a N9.93 gain from the previous day’s rate of N1617.08.
This development comes as a surprise, given the ongoing hunger protests, which entered their fifth day on Monday. The protests, which began last Thursday, have been calling for government action to address the growing food crisis in the country.
However, the black market did not reflect the same gains, with the naira remaining flat and trading at the same rate of N1610 per dollar as it did last week. FX transaction turnover also dropped significantly, falling to $77.09 million on Monday from $131.55 million the previous week.
A Bureau De Change operator at Wuse Zone 4, Abuja, Dayyabu Ashiru, attributed the lack of change in the black market to the scarcity of dollars. "The market is scanty, but offices are open. Nothing has changed. We buy at N1590 per dollar and sell at N1610," he told Media Talk Africa on Monday.
The gain in the naira’s value against the dollar may be a welcome relief for Nigerians, who have been struggling with the country’s economic challenges. However, the ongoing hunger protests are a stark reminder of the need for the government to address the root causes of the crisis and ensure that the country’s economy is stable and sustainable.
