Market News
Naira appreciates against dollar at black market amid Sallah holiday - DAILY POST
The Naira has appreciated against the dollar at the parallel foreign exchange market amid Donald Trump’s inauguration as the United States 47th president.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, told DAILY POST that the Naira appreciated to N1,665 per dollar on Monday from the N1,680 exchange rate on Friday last week.
This showed that the Naira gained N15 against the dollar upon resumption of trading on Monday compared to N1680 traded last week.
Meanwhile, at the official market, the Naira lost its steam against the Dollar.
FMDQ data showed that the Naira fell to N1550.05 against the dollar on Monday from N1,547.58 exchanged on Friday last week.
This showed that it depreciated marginally by N2.47 against the dollar on Monday compared to N1,547.58 traded at the close of trading on Friday.
Accordingly, the Naira gained N15 against the dollar at the black market; and lost N2.47 at the official exchange window on the first business day.
DAILY POST reports that Trump was sworn in as the 47th President of the US on Monday.
