Market News

The naira appreciated against the dollar at the parallel foreign exchange market to close Monday’s trading.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told DAILY POST that the naira traded at N1,600 per dollar on Tuesday, up from N1,610 exchanged on Monday.

This means that, on the black market, the naira gained N10 against the dollar at the FX market on Tuesday compared to N1,610 traded the previous day.

Meanwhile, at the official FX market, the naira closed at N1,498.95 per dollar on Tuesday, up from the N1,495.60 exchange rate on Monday.

The development comes as the Central Bank of Nigeria on Monday extended FX sales to BDC operators until the end of May 2025.

Recall that the naira also closed Monday’s trading with mixed sentiments of gains and losses across FX markets.

Earlier, DAILY POST reported that Nigeria’s external reserves dropped by $1.19 billion in the last weeks.

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