Naira appreciates against dollar in black market

The naira appreciated against the dollar at the parallel foreign exchange market to kick off the week on a good note.

A Bureau de Change operator at Wuse Zone 4 told Media Talk Africa that it gained N1590 against the dollar on Monday from N1600 traded last week on Friday. This means that at the black market, where foreign exchange currencies are mostly transacted, the naira strengthened by a significant N10 in the period under review.

However, at the official foreign exchange market, the naira fell slightly by N1.16 to N1,548.52 on Monday from N1,547.36 exchanged last weekend.

Media Talk Africa reports that on Friday last week, the naira appreciated at the official foreign exchange market but stayed flat at the black market.