Naira appreciates against dollar at black market after Cardoso’s warning

The Naira appreciated against the dollar at the parallel foreign exchange market on Wednesday.

A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, said the Naira strengthened to N1,560 per dollar on Wednesday from N1,570 traded on Tuesday and Monday.

This showed that the Naira gained N10 against the dollar on a day-to-day basis.

Meanwhile, at the official FX market, the Naira weakened to N1,537.62 on Wednesday from N1,532.39 exchanged on Tuesday, according to Central Bank of Nigeria data.

This indicates that the Naira dropped N5.23 at the official market.

Media Talk Africa reports that while the Naira gained N10 at the black market, it lost N5.23 at the official market.

The development comes as the CBN governor, in a recent engagement, vowed to root out bad actors in the country’s foreign exchange market.

Naira appreciates against dollar at black market after Cardoso’s warning