The naira appreciated massively against the dollar across foreign exchange markets to begin the week on an impressive note.
At the black market, the naira gained significantly to N 1615 per dollar on Monday from N 1628 exchanged last Friday. This means that the naira strengthened by N13 against the dollar on a day-to-day basis.
“We buy at N1605 per dollar and sell at N1615,” Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, told Media Talk Africa on Monday.
Similarly, on the official market, the Central Bank of Nigeria’s exchange rate data showed that it gained N4.57 to N1,581.58 on Monday from N1,586.15 exchanged on Friday. The development showed that the naira showed strong footing on Monday, a variant from its performance at the close of work last week.
Sources within the money market attributed the development to a surge in foreign portfolio investors and the upcoming Eid el-Kabir holidays in Nigeria slated for June 6 and 9, 2025.
